Ethereum price analysis: This reversal could break above $220 stubborn resistance

• Ethereum buyers fought to protect the main support at $200.
• The 50 SMA is still considerably below the longer term 100SMA.

Ethereum has been confined in a range for a couple of days now. The crypto descended to the lower levels following the widespread selloff on Monday and part of Tuesday this week. ETH/USD broke bust through several support areas at $240, $220 and $210. Ethereum buyers fought to protect the main support at $200. The price formed a low around $205 before a slight pullback occurred.

There is a range limiting gains at $240 and the price has been confined to it since yesterday. On the contrary, another support has been established at $210. Ethereum is currently pulling upwards while exchanging hands at $217.

The 50 SMA is still considerably below the longer term 100SMA. However, it is proving support at $241.25. The gap between the two moving averages is likely to continue decreasing in the near-term signaling that bulls will continue to dominate.

The MACD is also ranging on the mean line (0.0) but inclined towards the positive zone. Ethereum must deal with the resistance at $220 for it to curve another trajectory to $230 and the coveted last week’s high at $250.

ETH/USD 60-minutes chart