Ethereum Price Analysis: ETH/USD makes its way above $200, the recovery is slow

• Ethereum settles above $200 following sharp sell-off to $198 support.
• ETH/USD may stay in a range limited by $210.00 on the upside and $200.00 on the downside.

Ethereum bears took ETH price below psychological $200 on Monday, but a fresh buying interest located around this level helped to push the price back inside the previous consolidation range. ETH/USD hit the intraday low at $198.00. At the time of writing, the coin is changing hands at $203.10, down 4% on a day-to-day basis. The short-term trend remains bearish, while the volatility is low.

ETH/USD on-chain data

According to Intotheblock data, a large cluster of 2.5 million ETH addresses with 4.19 million ETH are clustered in the area from $206.00 to $218.00, which means the bulls may have a hard time pushing through. The number of large transactions has been declining and reached 376 on Sunday. Their total value amounted to 901k. The volatility has been also declining, which is understandable by the coin’s consolidation pattern.

ETH/USD: Technical picture

On the daily chart, Ethereum holds above SMA50 and SMA that creates a strong support area around $190.00-$187.00. As long as the price stays above these lines. the overall picture remains bearish, while ETH has more chances to retake $210 than to test daily SMA200 at $175.75. The daily RSI is starting to reverse to the upside, which adds credibility to the bullish scenario.

On the upside, buyers will face the first brick wall on the approach to $210.00. This level stopped the recovery on Sunday and may serve as s strong barrier on Monday. Once it is out of the way, the upside is likely to gain traction with the next focus on $215.00, which is the upper border of the previous consolidation channel. 

ETH/USD daily chart