Ethereum (ETH) price analysis: ETH/USD retreats from Asian high, retains positive bias
|
A move above $177.00 will allow for a sustainable recovery towards $180.00.- The significant support is created on approach to 170.00.
The second-largest cryptocurrency with the current market capitalization of $18.9 has regained some ground after Thursday’s sell-off towards $169.63. At the time of writing, ETH/USD is changing hands at $175.52, mostly unchanged in recent 24 hours. Notably, Ethereum is moving in lockstep with Bitcoin and other major altcoins.
Ethereum’s technical picture
Looking technically, initial support is created by SMA50 (Simple Moving Average) 4-hour at $172.80. Once it is out of the way, the downside is likely to gain traction with the next focus on the lower line of 4-hour Bollinger Band at $170.85, followed by psychological $170.00 and the recent low of $169.63.
On the upside, the first resistance area awaits ETH bulls on approach to the intraday high of $176.89 and $177.00. We will need to see a sustainable move above this handle for the upside to gain traction and take the price towards the next barrier $180.00 and $180.63 (SMA100 4-hour).
ETH/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.