- Ethereum price consolidates in a range between $188 and $192 following recovery from weekend lows at $180.
- The key support range at $170 – $180 has is strong enough to stop losses in the event the short term support caves.
Ethereum price has not managed to reclaim the position above $200 following the massive drop on the weekend. The cryptocurrency is lethargic in recovering and appears to have stalled after hitting a wall at $192. At the time of preparing this analysis, ETH/USD is teetering at $191 following a subtle adjustment upwards from the opening value of $189.85.
The snail-paced recovery is reflected by the horizontally moving RSI. The indicator recently tested 30 (oversold region) but current levels are under the average (50). The trend is, nevertheless, in the bulls’ favor as the MACD moves towards the positive region. A bullish divergence above the MACD signals that buying pressure is present. In other words, bulls are present but lack a catalyst to pull the price above $200.
Above the $200 level resistance will be encountered at the 50 SMA in the 4-hour timeframe and the 100 SMA. Also in line to prevent further price action is a descending trendline. On the flip side, if initial support at $188 – $190 caves in, expect Ethereum to spiral to last week’s key support range between $170 and $180.