Ethereum price analysis: ETH/USD rising from the ashes; have the bulls lost their mojo?

Ethereum seems to have lost its charm in the last couple of months. The crypto is currently trading below a long-term descending channel. The recovery from the primary support around $170 lost strength on touching $250. ETH/USD has been deflating in the past two weeks after it broke the support at $240 and $220. However, declines were supported at $215 leading to the current rise above $220.

Ethereum has corrected higher past the short-term bearish trendline resistance. Moreover, the bullish trend has taken a swing above $224 and is currently testing the immediate resistance at $225. The price is entering a bullish channel that could break above $230 in preparation for recoil towards $250.

The RSI is heading upwards towards the green region while the MACD is moving into the positive zone. Ethereum buyers currently have the say but a break above the 100SMA could place in the right recovery path. On the downside, the 50 SMA currently at $221.73 will offer refuge in the event a trend reversal comes through. Other support levels include $215 and $205. Looking at the chart, the path of least resistance is upwards sideways.

ETH/USD 60’ chart