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ETHUSD has been gaining some ground in the short-term after its latest decline came to a halt at the 1,420 region. However, the recent price recovery has been repeatedly held down by the ascending 50-day simple moving average (SMA).
The momentum indicators suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is ascending near the 80-overbought area, while the RSI has jumped above its 50-neutral mark.
Should positive momentum strengthen, the cryptocurrency could encounter initial resistance at the 50-day SMA, currently at 1,664. Conquering this barricade, the bulls could then aim for the August peak of 2,030 before the attention shifts to 2,450. Any further upside moves might then stall at the 3,300 hurdle.
On the flipside, should the price drift lower, the recent support region of 1,490 may act as the first line of defence. Diving beneath that region, Ethereum could decline towards 1,370 or lower to test the crucial 1,000 psychological mark. A violation of the latter might then set the stage for the 2022 low of 880.
Overall, ETHUSD’s recovery appears to be strengthening but the 50-day SMA has proved to be a tough resistance barrier for the bulls. Nevertheless, a drop beneath the 1,370 floor could shift the short-term picture back to negative.
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