Ethereum market update: ETH/USD struggles at $170.00 amid growing selling pressure
|- The downside momentum is gaining traction.
- The coin has to get back above $174.50.
ETH/USD is not doing well this Thursday. The second largest coin has lot over 5% of its value in recent 24 hours to trade at $170.26 by the time of writing. While the price recovered from the intraday low of $168.47, the short-term bearish trend is gaining traction amid deteriorating technical picture.
On the intraday level, a strong move broke below the short-term trendline increased the selling pressure on ETH/USD and caused an extended sell-off. Currently, the coin is struggling to return above critical $171.00. This area is strengthened by SMA200 (1-hour) currently at $170.94 and SMA50 (4-hour) at $170.72. The next support lies with the recent low of $168.47 and $160.00 closely followed by 50% Fibo retracement at $159.70.
Considering that the intraday Relative Strength Index (RSI) points downwards, the further sell-off correction looks likely.
On the upside, a sustainable move above $174.50 (23.6% Fibo retracement) is needed to negate the short-term bearish sentiments. The next resistance comes at $178.00 (broken trendline).
ETH/USD, 4H chart
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