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  • Ethereum price flirts with $230 following a sharp drop from $250 weekly highs.
  • ETH/USD will continue to battle the selling pressure according to the RSI’s negative gradient.

Ethereum was for a short time on Wednesday the best-performing cryptocurrency in the market. A renewed bullish front pushed the cryptocurrency asset from levels slightly above $240 to the extent of testing the key barrier at $250.

Unfortunately, a reversal took place almost immediately. The reversal has also been extended under $230 during the Asian session on Thursday. These losses were not unique to Ether as the king of cryptoassets, Bitcoin briefly dived under $10,000. The rest of the market is painted red at the time of writing with assets spotting loses between 1% and 4% on the day.

Ethereum technical picture

Ethereum is flirting with $230 at the time of doing this analysis. Buyers are working extra hard to keep the price above an ascending trendline. Note that ETH/USD has already dived to $227 (intraday low). In spite of the minor recovery, the price continues to be inclined to the bearish side especially with the RSI likely cross under the average (50).

The MACD is holding above the midline, which is a great sign that buying pressure still exists, at least to some extent. As long as the indicator stays in the positive region, potential for recovery will grow.

In addition, Ethereum is trading above the moving averages. The 50 SMA is increasing the gap above the 200-day SMA. This shows that the position of the buyers in the market is unlikely to be influenced by the decline experienced in the last 24 hours. Moreover, in case of a reversal, the 50-day SMA will try to offer support at $222. Other support areas of interest to the largest altcoin include $220, $200, the 200 SMA and $180.

ETH/USD daily chart

ETH/USD price chart