Ethereum market update: ETH/USD rangebound with bearish bias
|- ETH/USD moves around $189.00 handle amid bearish correction.
- The trend remains positive as long as the price stays above DMA50.
Ethereum, the second largest cryptocurrency with the current market value of $19.9 billion, retraced from the recent high of $205.00 to trade at $189.00 by the time of writing. ETH/USD is moving within a short-term bearish trend in sync with broader cryptocurrency market momentum.
Looking technically, ETH/USD is well-supported by the intraday low of $185. Once it is cleared, the sell-off may gain traction and take the price towards $183.50 (the middle line of 4-hour Bollinger Band, and to psychological $180.00 with SMA100 (1-hour) located marginally below this area. That’s where fresh buying interest is likely to appear. However, a sustainable move lower will expose $175.00 barrier (SMA50 4-hour and SMA200 1-hour). The ultimate support awaits the price at $168.00 guarded by a confluence of SMA100, SMA200 (4-hour) and DMA50.
On the upside, an initial resistance comes at $190.00 with SMA50 (1-hour) located on approach to this handle. Once it is out of the way, the recovery may be extended towards $195 (the upper line of 1-hour Bollinger Band) and to psychobiological $200.00.
ETH/USD, 4-hour chart
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