Ethereum price analysis: ETH/USD recovery gaining traction

Ethereum marvelously defended the short-term support during the day-one of the week’s trading. The buyers managed to push for a correction that has given way to shallow gains in the Asian session on Tuesday. Ether is up 1.71% after extending the price action from the opening of $180. The crypto asset touched an intraday high of $184.51 before adjusting to the current market value of $183.62.

According to the data on CoinMarketCap, Ether continues to hold the second position on the market. It has a market cap of $19 billion and a trading volume of $7.4 billion. There has been a significant increase in the trading volume over the last few days from $5.5 billion posted on September 5. In the same period, Ethereum’s market capitalization has grown from $18.7 billion.

The 1-hour chart shows ETH/USD trading above the simple moving averages where the 50 SMA is offering support at $181.024 and the 100 SMA at $177.43. The ability to defend the support created by the confluence formed by the 100 SMA and the 50% Fib retracement level taken between the last drop from $186.12 to a low of 165.409 resulted in a reversal stepping above $180.

Ethereum is teetering at $184 while fighting to break above yesterday’s high at $186.12. The uptrend is technically supported by the Relative Strength Index and the Moving Average Convergence Divergence. Apart from the initial support between $176 - $178, ETH will find another support zone at $164 - $168.

ETH/USD 1-hour chart