Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach
|- Ethereum price resumed the decline after a failed attempt to move above SMA200 one-hour.
- Strong support is created by psychological $170.00.
ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market.
Ethereum’s market value is registered at $18.9. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday.
Ethereum’s technical picture
On the intraday charts, ETH/USD recovery is capped by a combination if SMA50 (Simple Moving Average) four-hour and SMA200 one hour currently at $176.50. Once this barrier is out of the way, the upside is likely to gain traction with the next focus on the recent high of $178.20 and a pivotal resistance of $180.00. We will need to see a sustainable move above this area for an extended recovery to $182.50 (SMA200 four-hour).
On the downside, a move below $173.60 (the middle line of four-hour Bollinger Band) will lead to increased downside pressure and push the price to critical $170.00 strengthened by the lower line of four-hour Bollinger Band. This barrier is closely followed by the recent low of $168.35 (October 18). The next strong support awaits ETH bears on approach to $160.00.
ETH/USD, a four-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.