Ethereum overview: ETH/USD spikes above $160.00
|- ETH/USD has recovered strongly from intraday lows.
- The coin has resumed the upside above $160.00.
ETH/USD managed to recover above $160.00 after a sell-off towards $154.00 on Thursday. The second largest coin is trading at $163.40, gaining 3.7% since this morning. The market is driven by technical factors. Ethereum is moving in sync with the rest of the market.
Interestingly, the creator of Ethereum Vitalik Buterin had a face-to-face argument with a prominent crypto critic Nouriel Roubini about the future of cryptocurrencies.
Ethereum’s technical picture
On the intraday level, ETH/USD is supported by $157.00 with SMA100 (1-hour) located right above this level. The above said SMA served as a good barrier in recent days. Once it is cleared, the downside may gain traction with the next aim at psychological $150.00 followed by $148.08 (SMA200, 1-hour).
On the upside, ETH a sustainable move above $160.00 improved the short-term technical picture. The next resistance is seen at $164.00 strengthened by a confluence of SMA50 (1-hour) and an upper line of 1-hour Bollinger Band
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