- Bitcoin led recovery propels Ethereum above $190 hurdle but momentum lost steam shy of $195.
- A retracement from the three-day high at $194.14 currently seeks balance at $190.
The cryptocurrency market recovered slightly from the weekend lows. Leading the recovery was the largest cryptocurrency Bitcoin which breached $10,600 resistance. Ethereum also made it above the hurdle at $190. However, the momentum fizzled out under $195; the movement cut short by the descending trendline.
A retracement from the three-day high at $194.14 currently seeks balance at $190. The immediate upside is capped by the 100 Simple Moving Average (SMA) while the 50 SMA is working hard to function an impenetrable wall at $189.24.
From a technical perspective, Ethereum is settling in a ranging trend. Consolidation above $190 will help the buyers to focus on rising above the resistance at $200 and $205 respectively. The Relative Strength Index (RSI) is moving horizontally at 57.89 after the correction from levels around 70.
A glance at the Moving Average Convergence Divergence suggests that the bulls have the upper hand and the ability to not only defend the $190 support but also push Ethereum above the short-term resistance at $195.
ETH/USD 1-hour chart
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