- Ethereum retreats slightly from the intraday high at $201.
- ETH/USD remains in the hands of the bulls despite the retreat; the potential for recovery to $220 is high.
The cryptocurrency market is slightly in the red during the Asian session. Prior to the losses, the coins in the market spiked above various key levels. For instance, Ethereum broke the weekly resistance at $200 while Bitcoin towered above $9,300 to the extent of testing the hurdle. On the other hand, XRP stepped above $0.20 and achieved an intraday high of $0.2029.
Ethereum is trading at $198 after a minor retreat from the intraday high of $201. Buyers are battling the initial resistance at the 5050 SMA in the 4-hour range. The main aim is to break above the resistance at $200 as well as the expected seller congestion at the 100 SMA. Glancing farther up, the price will encounter more resistance at the descending trendline. As soon as ETH/USD climbs above $200, buyers’ attention is bound to shift to $220 (resistance target).
The technical picture is positive for the bulls according to the MACD. The indicator is almost crossing into the positive zone. At the same time, the bullish divergence from the MACD could encourage more buying entries. The RSI’s recovery has stalled at 60, however, the gradual movement from the oversold emphasizes the influence the bulls’ have over the price.
ETH/USD 4-hour chart
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