Ethereum positive move accelerates after earlier breached above the 100-day moving average. The number two cryptocurrency attempts to recover some of the sharp losses on Sunday ahead of the bitcoin halving event. Ethereum had one of the worst Sundays as it dropped from $210 to $180 mirroring the sharp drop in Bitcoin. The pullback tested successfully the support at 175, and managed to rebound, keeping the bullish momentum alive.
Ethereum capitalization stands now at 21.72 billion and the volume the last 24 hours have reached 15.75 billion.
Bitcoin is also trading higher, adding 3.09% at 9,095 while Ripple is the underperformer today adding 2.05% at 0.2015.
Ethereum price is 4.09% higher at $197.69 close to daily highs as the price gains momentum after breached the 100-day moving average earlier today. The technical picture is bullish now while a credible settlement above 191.27 (100 Day SMA) might be the beginning of a new leg higher targeting the previous week high at 216.
On the upside, first resistance stands at $198.29 the daily high. The next hurdle for ETHUSD will be met at $210.39 the high from May 10, trading session. In case of a move higher, the bulls will be looking for an extension above 216.75 the high from May 8.
On the flip side, immediate support for Ethereum stands at 188.34 the daily low. The next level to watch for ETHUSD in case of further correction is at 186.16 the low from yesterday’s trading session. Bears will regain control if the price breaks below the 200-day moving average at $174.49.