Ethereum Recovery on Its Way but Bulls May Continue to Struggle

Images by Walkerssk and WorldSpectrum from Pixabay

An Ethereum recovery continue as ETH bounced back from the $233 it recently reached. As it rose, the it went past key resistance levels and secured their spots by establishing strong support lines. However, a downside risk remains looming unless the currency moves above key resistance levels.

Ethereum Recovery Fueled by Bounce Back

The Ethereum was under pressure the last couple days which led to it hitting a low of $233. After the Ethereum recovery, the Ethereum bounced back above resistance levels at $235 and $240. This moved the coin to a positive zone of recovery. It is currently holding steady at the major bearish trend line above the $244 resistance point.

Ethereum Trading Within Range as It Continues Ethereum Recovery

The path of recovery for the Ethereum has it trading below resistance levels at $248 as it struggles to move past it. If it does find enough momentum to move past this, the next resistance level is at the $252 and 255 above that.
On the downside, the immediate support is above $240, however the currency is showing signs of losing momentum. If it continues to slow down, the next support will be at $240. Furthermore, a bearish trend line is developing that could push the Ethereum Recovery aside and bring it tumbling. If the Ethereum does not clear $252, it could bring the coin below the $230 mark.

Other Coins Consolidating While Ethereum Recovers

The Ethereum recovery may be on its way but the bitcoin remains steady as it trades within range. The Bitcoin was trading around the $7800 mark, a sign of recovery from the lows at the $7400 levels it had yesterday but the recovery is not enough to catapult it above the more stable $8000 mark.
The XRP from Ripple which is the third largest coin and it remained relatively unchanged in the last 24 hours. Altcoins below the top three exhibited a wait and see approach as the market traded in range. The Binance coin was the strongest for the day with a 6% rise and the Bitcoin cash as also a winner with 4% gains for the day.

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