Ethereum price analysis: This slight correction spells bullish move to $230

Ethereum is flying the recovery flag high up in the cryptocurrency space following a surge on Monday 10. The crypto has added an enormous 10% to its value in the wake of last week’s crippling declines. ETH/USD has not only reclaimed the support at $200, it has tested the critical resistance at $230.

The rise in the market is not unique to Ethereum, other cryptocurrencies including the King of them all, Bitcoin (BTC) are trading in the green as well. Ripple is the biggest winner of the day with a 14.25% gain on the day. The majority of the coins are up between 3% and 15% and the current bullish trend appears not slow down as bulls continue to take their position in a revenge mission against the bears.

Ethereum, on the other hand, is trading at $214 following the boost it has received today. A slight correction from the intraday highs at $232 found support at $210. The buyers keen with ensuring declines to not continue have pushed for extra movement above the short-term support.

Looking at the chart, ETH/USD still has the potential of recoiling above $220 and staging an attack on the resistance at $230. But if a reversal is to occur, buyers will seek refuge at $210 and $200 support areas. Further declines will find support at $195 and $190 respectively.

ETH/USD 60' chart