Ethereum Price Analysis: ETH/USD goes back above $200.00, upside gains traction

By May 22, 2020Ethereum
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  • ETH recovery is gaining traction as the price moves above $203.00.
  • The next resistance is created by 4-hour SMA50 at $205.50.

The second-largest digital asset recovered above critical $200.00 after a sharp sell-off to $191.49 on Thursday. The coin has regain 1.3% of its value since the beginning of the day and lost nearly 4% in the recent 24 hours. At the time of writing, the second-largest digital asset is trading at $203.20 with bearish bias.

ETH/USD: Technical picture

While ETH recovery above $200.00 helped to improve the technical picture, a lack of follow-through may be a concern for ETH bulls. The coin bumped into a resistance created by 4-hour SMA100 and the middle line of the daily Bollinger Band at $203.00 and retreated towards $201.00.

From the technical point of view, a sustainable move above $203.00 improves the short-term picture and allows for an extended recovery towards the next barrier created by 4-hour SMA50 at $205.50.

ETH/USD 4-hour chart

On the downside, a drop below $200.00 will bring the bears back to the market. They may push the price towards the recent low of $191.49. Once it is out of the way, the sell-off may be extended towards daily SMA100 below $190.00 and daily SMA50 at $187.30. The critical support comes at $175.00. This area reinforced by daily SMA200 stopped the decline on May 11.

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The next resistance is created by 4-hour SMA50 at $205.50.

The second-largest digital asset recovered above […]

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