Yesterday, ETH followed the example of BTC and made a sharp correction to its price. It erased 5 percent of its value and moved down to $198.
Luckily, it found support at the psychological level of $200 and today is trading a little bit higher, also above the mid-term downtrend, diagonal resistance. It is also worth noting that during yesterday's drop, the ETHUSD pair hit the lower support around $190 and bounced back immediately. The level is also backed by the 100-day EMA.
What I'll be looking for today is a green candle closure above $200 that can set up the ground for further recovery in the zone up to $216. Negative scenario: drop to $190-$186 S/R and potential continuation towards $175
Cheers,
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Good move yesterday climbing above the mid-term downtrend line
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What we need here is a proper consolidation in the current zone
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ETH successfully consolidated above $200-$205 yesterday and is now trading at $210, so our target up remains the same - $216-$220. Let' see if this is an ascending triangle being formed on the 1h chart