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  • ETH/USD has been growing rapidly amid strong bullish sentiments on the markets.
  • The strong resistance si created by [sychological barrier of $200.00.

Ethereum (ETH) tested intraday high of $998.34 and stopped within a whisker of $200. The coin has gained over 5% in recent 24 hours to trade at $196.40 at the time of writing. ETH/USD has been growing rapidly amid the recovery on the cryptocurrency market.

ETH/USD: technical picture

From the technical point of view, ETH/USD moved above SMA50 weekly at $188.59, which has improved the technical picture significantly. The next critical barrier is located at psychological $200.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $238.50 created by SMA200 weekly. The coin has never traded above this MA. A sustainable move above this barrier may unleash the long-term bullish potential of the coin.

On the downside, if ETH/USD returns to the area below SMA50 weekly ($188.59), the sell-off may be extended towards the next important support created by SMA200 daily at $173.70.  This area is likely to slow down the bears and create a precondition for a rebound. 

The daily RSI stays close to the overbought territory, though, there are no signs of the reversal as of yet. It means, that ETH/USD ha a chance to test $200.00 in the nearest future. However, this barrier can hardly be taken out at first attempt. 

ETH/USD daily chart