- Ethereum recovery sustained above an ascending channel since the low formed at $90 in March.
- Buying interest in the market holds in spite of the retreat from $216 resistance.
Ethereum price has slowed down the push for gains towards the critical resistance at $220. Thursday and the early hours of Friday were treated to an impressive price action that cleared the hurdles at $210, $212, even stepping above $216.
The emergence of selling pressure kept the region at $220 at a distance. ETH/USD instead, corrected lower. At the time of writing, it is dancing with $211 after holding above the support at $210.
From a technical perspective, upside action is unlikely in the current session. Sideways action could take center stage as the RSI levels at 63. If the technical picture remains unchanged, consolidation at this level is likely to culminate in gains above $220. In spite of the retreat from $216, buying pressure is still present as observed with the trading above the 200-day SMA and 50-day SMA.
ETH/USD daily chart
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