- Ethereum recovers from $228 support but gains towards $235 stall under $235.
ETH/USD bulls have just enough power to prevent losses under $225 in favor of consolidation.
The breakdown pushed Ethereum below several key support areas including $235, the 21-day Exponential Moving Average (EMA) and $230. The areas that held their ground were the short term support at $228 and the 50-day EMA. Most analysts believe that if Ethereum drops under $225 support, it would mark the end if the ‘altcoin season’ that is still in its early stages.
For now, the price is still holding above the 50-day EMA. However, recovery towards the support turned resistance at $235 is an uphill task. Technically, Ethereum bulls have just enough power to hold above the key support levels at $230, the 50-day EMA and $228. The RSI, for instance, is motionless at 50. This is a situation that mainly leads to consolidation.
The same sideways trading action is reinforced by the MACD. The indicator is also clinging to the midline but a slight bearish divergence hints that losses are not out of the picture. In other words, although there are signs of a recovery, Ethereum has not been accorded the right parameters for a breakout. Besides, the volatility across the cryptocurrency market is still at the lowest levels in the last three months.
Ethereum Key Intraday Levels
Spot rate: $233
Relative change: 0.05
Percentage change: 0.02%
Trend: Bullish
Volatility: Low