ETHUSD still gravitating around $200

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Hi all,

As commented on my Friday update for ETH, there were two possible directions it could take. First, a continuation of the downtrend and a drop to the next support zone around $187-190, and then possibly to $175.
The second was to stabilize above the horizontal S/R line at $200 and consolidate for an attack of the next targeted zone near $216-$220.

The ether took the second path and was doing pretty well until it hit the unexpected resistance near $210 as visible on the 1-h chart. The two consecutive failed attempts to break it resulted in a fresh drop to $200, which is also supported by the diagonal resistance turned support.

It is true that the indicator-saturated area near $200 was broken during the weekend, but you see how quickly bulls managed to recover after they were pushed down to $190. Price is gravitating around the psychological level that is $200 and unless we see a major shock on the market I see it as a very stable line of support.
What I expect from here is another push towards $220.

Twitter: @FutureBchain
Telegram: https://t.me/future_blockchain


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