- Ethereum price is stuck in a range but the bulls have the control for now.
- ETH/USD must break past $220 to witness another pullback to $250 and beyond.
Ethereum is currently stable in the wake of the recent declines. The second largest crypto in the market when capitalization is considered fell like a stone from the highs traded last week around $250. The bulls were, however, keen not to allow a dive below the lifeline support at $200. The low traded in September marginally below $170 is still fresh in their mind.
For this reason, they sought refuge at $205 and defend $200 support yesterday. There have been slight pullbacks above the broken support at $210. But Ethereum is stuck in a range with the upper limit at $220. Besides, the bearish trendline is standing in the way of movements towards north. The bulls have the control, at least for now, although they lack the catalyst to support the price at higher levels.
Looking at ETH/USD hourly chart, the MACD is advancing towards the mean and could soon break into the positive zone. The price is exchanging hands below both the 100SMA and the 50SMA. A break above the trendline could lead to a jump past $220 which is likely to lay the ground for further upside retracement north and particularly the previous high at $250.
ETH/USD 1-hour chart
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