Ethereum overview: ETH/USD drops below $180.00 amid bearish correction
|- ETH/USD retraced from recent highs.
- The coin has to get back above $180.00.
ETH/USD dropped below $180.00 handle during early Asian hours to trade at $177.40 by the time of writing. The downside correction on the cryptocurrency market took second largest digital asset nearly 3% lower from the levels registered this time on Monday, though it is still 20% higher on a weekly basis. Ethereum has a market value of $18.6 billion and an average daily transactions volume of $8 billion.
Ethereum’s technical picture
On the intraday level, ETH/USD is supported by $176.00, which is followed by SMA50 (1-hour) at $175.90 and a short-term upside trendline at $171.21. Once it is out of the way, the sell-off may be extended towards SMA100 (1-hour) at $170.50. A stronger support lies at $164.00. It is created by a confluence of SMA50 (4-hour) and SMA200 (1-hour).
On the upside, a sustainable move above $180.00 is needed to negate the short-term bearish bias. The next resistance comes at $187.51 (Monday's high), followed by psychological $190.00.
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