- A break above the resistance at $220 could give ETH/USD a boost above $230.
- Bitcoin (BTC) is inching closer to $10,000 support after failing to hold above $10,500.
Ethereum price although having a bearish bias is relatively stable this week. Most of the trading session yesterday saw ETH/USD defiantly hold onto $220 key level. However, the bulls were overwhelmed by the rising selling pressure during the Asia trading session on Tuesday.
At the moment, the price is dancing at $216 following a 0.5% loss on the day. The entire market is mostly in the red with most cryptos having succumbed to bearish pressure. Bitcoin (BTC), for example is inching closer to $10,000 support after failing to hold above $10,500. There is a possibility of retracement towards $9,000 will occur before the largest crypto gathers the strength to zoom towards the coveted $14,000.
ETH/USD 4-h chart
Meanwhile, Ethereum’s immediate upside is limited by the 50 Simple Moving Average (SMA) 4-h currently at $219. Marginally above this the pivotal level at $220 will continue to give the buyers sleepless nights. However, a break above the resistance could most likely give ETH/USD a boost above $230.
On the downside, the first support lies at $210 this is after $215 failed to hold in the session after opening today. If this level is also cleared, Ethereum could revisit $200 support. Besides, $190 (recent) lows are still within reach as long as Ethereum remains under $220.
Technically, Ethereum has an inclination towards sideways trading in the coming sessions. Looking at the Moving Average Convergence Divergence (MACD) which is stuck in the negative but holding ground at -2.0, sideways trading is the most likely direction for the price. The relative Strength Index (RSI) has a bearish feel after retreating from highs around 56. It currently holds ground above 40 while in a range to emphasize the sideways trading in the near-term.
ETH Key Technical Levels
MACD: Slightly negative diverging shows ETH has a bearish bias.
RSI: Ranging above 40 after retreat – upside has weak strength.
Key Support: $210, $200 and 190.
Critical Hurdle: 100 SMA, $220 and $230.
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