Ethereum market update: ETH/USD hovers above $180.00 further downside correction is possible
|- Ethereum price retreats from the intraday high amid decreasing volatility.
- Recovery towards $200 is still a possibility as long as the price stays above $170.00.
ETH/USD hit $186.06 during early Asian hours before retreating to $180.33 by the time of writing. The second-largest digital coin with the current market value of $19.4 billion has gained over 6% since this time Monday on the back of the global recovery on the cryptocurrency market; however, the upside momentum seems to be fading away as the coin has entered a consolidation phase, unable to pass $186.00 barrier.
Ethereum’s technical picture
A sustainable move above $180.00 handle cleared out the path towards the longer-term bull’s target $200.00. However, as the upside momentum is fading away, we may see a retracement towards $177.00 ( SMA200 (Simple Moving Average) one-hour followed by $175.00 ( the lower line of four-hour Bollinger Band). The overall outlook remain positive as long as the price stays above $170.00
On the upside, the initial resistance is created by $184.70 ( the upper line of four-hour Bollinger Band) followed by the recent high at $186.00. Once it is out of the way, the next bullish stop is $200.00
ETH/USD, a four-hour chart
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