- The Ethereum price made a spectacular recovery on Thursday, jumping some 10% in the session.
- ETH/USD received decent buying around Wednesday’s low sub $170, after being consistently hammered by the bears.
- Next major near-term challenge will be for a firm break back above the $200 mark.
The Ethereum price saw a large rally on Thursday, jumping around 10%, after receiving some decent at the very back end of Wednesday. It appeared a bottom was not seen in sight across the crypto market, but to a large surprise, given all indicators looked bearish, chunky volume and upside was seen.
ETH/USD price action had formed a bearish pennant formation, of which the price slipped out of, dropping to the lows on Wednesday at $167.82. This was the lowest the price has traded since September 2017.
Technically, as clearly displayed momentum is with the bulls currently for ETH/USD. There could be some immediate resistance seen at the 9th September high, $208, further to the upside seen at $220 a consolidation area on 7th September, before added selling pressure came into play. Demand zone is seen not too far below, just sub $190.
ETH/USD 4-hour chart