Ethereum (ETH) price analysis: ETH/USD settles above $170.00, upside is limited
|- A move above $173.70 is needed to improve the picture.
- The significant support is created on approach to 168.55.
The second-largest cryptocurrency with the current market capitalization of $18.1 has been range-bound during early Asian hours. Ethereum has lost nearly 1% in recent 24 hours to trade at $170.70 at the time of writing. The coin is moving in lockstep with Bitcoin and other major altcoins amid low trading activity and decreasing volatility.
Ethereum’s technical picture
Looking technically, ETH/USD has retreated from the recent high of $173.70, which bodes ill for short-term ETH bulls. However, the coin managed to settle above $170.00. This area creates an initial support fro ETH. Once it is out of the way, the sell-off may be extended towards $168.55 (the lower line of 4-hour Bollinger Band) and $164.50 (the lower line of 1-day Bollinger Band).
On the upside, We will need to see a sustainable move above $173.00 handle and the recent high of $173.70 for the upside to gain traction. The next barrier awaits ETH bulls on approach to $177.70 (SMA50 (Simple Moving Average) 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.