Ethereum Market Update: ETH/USD bulls relentlessly fight to conquer $200
|- Ethereum rises to battle the resistance at the 50% Fibo in the journey to break above the $200 seller congestion zone.
- ETH/USD is primed for more bullish action according to various technical indicators including the RSI and the MACD.
Ethereum bulls have made it their personal mission to bring down the bearish front at $200. After the reversal from the weekly support at $180, ETH/USD is extending the bullish leg to $190. Meanwhile, the price is battling a seller congestion zone at the 50% Fibonacci retracement level taken between the last drop from $290 to a swing low at $90. Ether has a market value of $188 and has pushed higher by 1.54% amidst a growing bullish momentum.
The entire cryptocurrency market is in the green based on the intraday price levels. Bitcoin is up a subtle 0.45% and trading at $7,527. On the other hand, Ripple is up 1.75% and teetering at $0.1967. The most improved cryptocurrencies this week are Stellar (XLM) and Cardano (ADA).
Ethereum price technical picture
The 4-hour picture clearly places Ethereum bulls in control. Besides sustaining an uptrend above an ascending trendline since the crash on March 12 to $90, Ether has shown the potential to recover by testing the $190 seller congestion zone twice in less than seven days.
Technical indicators are also in favor of the bulls with the MACD moving higher into the positive area. A bullish trend also emphasizes that buyers have an upper hand. Another key bullish indicator is the RSI as it settles above 60 following recovery from 41.51 (low levels of the week). Meanwhile, all the eyes are on $200, a milestone that is possible as long as Ethereum can rise above the $190 bump.
ETH/USD 4-hour chart
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