- Ethereum unexpectedly engages the reverse gears changing focus from $200 back to 4180.
- If technical levels remain intact, Ethereum will trend sideways between $184 and $186.
The European session is taking off with cryptocurrencies erasing most of the progress made in the Asian session. Ethereum forged a recovery move to $190 but failed to gather momentum above the 50 Simple Moving Average on the 1-hour chart. Instead, the price has shifted focus from $190 to $180 support area.
In the meantime, Ethereum is valued at $184.99. Pressing down on the price is the 100 SMA. Moreover, the Relative Strength Index shows that the sellers are gaining traction. The Elliot Wave Oscillator has posted a bullish session since the start of the day. If the RSI fails to revers the direction upwards, the oscillator could begin a bearish session likely to send ETH back to $180.
Fortunately for the bulls, a trendline support is in line to offer support. Ethereum has bounced off this support twice and is likely to do the same. It is now apparent that $190 resistance must come down like the tower of Babel for Ether to gain momentum towards $200.
ETH/USD 1-hour chart
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If technical levels remain intact, Ethereum will trend sideways between $184 and $186.