Ethereum (ETH) price analysis: ETH/USD retreats from recent high amid lack of upside momentum
|- A move above $180.00 is needed to improve the short-term technical picture.
- The significant support is created on approach to 172.50.
The second-largest cryptocurrency with the current market capitalization of $19.1 has been moving in lockstep with Bitcoin and all major altcoins. ETH/USD has gained over 3.5% in recent 24 hours to trade at $177.50 at the time of writing. While the further upside looks limited, the growth may be resumed after a short period of consolidation, provided that Bitcoin continues moving within the bullish trend.
Ethereum’s technical picture
Looking technically, ETH/USD has retreated from the recent high of $181.88, which means that ETH bulls are not strong enough to extend the upside. We will need to see a sustainable move above at least $180.00 for the recovery to gain traction and allow for a strong movement towards the next resistance at $184.00. This barrier is strengthned by SMA50 (Simple Moving Average) 100 on 4-hour chart.
On the downside, a sustainable move below $173.00 handle will open up the way towards $172,50 ( the middle line of 4-hour Bollinger Band) and erase all recent gains of the coin. If this is the case, critical $170.00 will come into focus again.
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.