ETH fights for breakout back above $2,000, but technicals remain

• Ethereum recovery hits a barrier at $1,700, forcing bulls to seek refuge at the 200 SMA.
  Ether bulls are not relenting in the fight for gains towards $2,000.
  The correction toward $1,400 will continue if it loses support at the 200 SMA.
  

Ethereum has made a considerable recovery from the drop in price earlier in the week. The losses followed a rejection from highs above $2,000. It became difficult to stop the bearish leg because the declines were widespread in the market, led by Bitcoin's slump to $45,000.

Meanwhile, Ethereum is trading marginally above $1,600. Price action on Tuesday saw Ethereum recover from $1,400 to $1,700. However, bulls lost steam, paving the way for the ongoing correction.

The 4-hour chart shows that the 200 Simple Moving Average (SMA) support has just been lost. In other words, if it flips into a resistance area, Ether's recovery will be an uphill battle. Bulls need to close the day above $1,600, if not the moving average, to avoid losses and sustain the uptrend towards $2,000.

It is essential to keep in mind that the Relative Strength Index (RSI) hints at consolidation taking precedence in the coming sessions. The trend strength indicator is leveling around 40 following a recovery from the oversold area. Note that movement above the midline may renew the uptrend by encouraging more buyers to join the market.

On the other hand, ETH will continue with the downtrend if the 200 SMA flips into a resistance. Selling pressure is likely to mount under this level because of the bulls getting exhausted. On the downside, formidable support will be found at $1,480 and $1,400, respectively.

Ethereum intraday levels

Spot rate: $1,602

Relative change: -26

Percentage change: -1.6%

Trend: Bearish

Volatility: Low