Ethereum Price Analysis: ETH/USD bulls eye $200 despite stalling under $170

Ethereum price finally embarked on the anticipated journey of breaking barriers towards the psychological $200 level. A lot of progress has been made with several hurdles now in the rearview including $140, $150 and $160. The price also stepped above $170 and inched closer to $180. However, sellers keen on revenge pulled a reversal under $170.

At the time of writing, ETH/USD is trading at $168 after advancing 2% northwards. In spite of the intraday gains during the Asian session, the prevailing short term trend has a bearish bias. However, it is only a matter of time before buyers take over control and push for gains above $170.

The immediate resistance the bulls are battling lies with the 38.2% Fibonacci level taken between the last swing high at $290 to a swing low at $89.64. A break above $170 will also deal with the selling activities at the 50 SMA and the 100 SMA in the 4-hour range. Trading above $180 could improve the buyers’ confidence in the ability of Ethereum to surge above $200.

All technical indicators show the trend gradually turning bearish on Wednesday. More upside action is expected in the European session as long as the RSI continues towards the overbought. Moreover, the MACD’s break into the positive region seems imminent. A bullish divergence further cements the bulls’ position on the market.

ETH/USD 4-hour chart