Ethereum price analysis: ETH/USD trading above the descending channel
|- Ethereum impressively recovers from $200 major support.
- $220 remains unconquered as the bears push Ethereum towards $210 tentative support.
Ethereum is battling with rising selling pressure on Monday. The entire cryptocurrency market is sliding slightly lower than the recent weekly close. An impressive recovery from the primary support at $200 scaled the levels above the 50 Simple Moving Average 1-hour chart.
A break above the descending channel resistance pushed the price higher. Ethereum stepped above the 100 SMA 1-hour as well as the hurdle at $215. Unfortunately, the price hit pause on forming a high at $216.90.
At the moment, Ethereum is trading $211.37 after sliding under 100 SMA. The bearish momentum is staring towards 50 SMA tentative support around $210.
As far as the technicals are concerned, Ethereum is inclined towards making losses. The Moving Average Convergence Divergence (MACD) is still holding within the positive. However, the ongoing negative divergence means that sellers are gaining traction. The Relative Strength Index (RSI) is also heading south after the rejection from levels around 70.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.