Ethereum market update: ETH/USD briefly surges to stay above $200

Ethereum momentum has stalled $202.43 following a 3.15% rise on the day.
Bulls must defend $200 support in order to stage a break above $205 resistance.

Ethereum hovers above $200 following a new week’s price action. The weekend session was particularly bullish for ETH. The bulls managed to escape the bear range between $180 and $190. This price action set the ground for the breakout above $200 on Monday.

At the time of writing, Ethereum bulls have control over the price. However, the momentum has stalled $202.43 following a 3.15% rise on the day. The 50 Simple Moving Average one-hour is expanding the gap above the 100 SMA one-hour as a key indicator that the buyers will win the confrontation with a break above $205 (seller congestion zone).

Technical analysis suggests the buyers have the upper hand. The Moving Average Convergence Divergence (MACD) is moving higher within the positive territory. The positive divergence signals rising buying power.

Also read: Bitcoin price analysis: BTC/USD completes first leg up to $10,700

Moreover, the Relative Strength Index in the same one-hour has entered the overbought region. On one hand, this shows bullish pressure being at the peak. On the other, it could mean an impending reversal due to the overbought conditions. In spite of all these, if buyers manage to keep the price above $200, they will get time to stage another breakout.

BTC/USD 1-hour chart

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