Ethereum price analysis: ETH/USD controlled by short-term sellers
|- ETH/USD recovery capped by $165.00 barrier.
- Initial support is created by psychological $160.00.
ETH/USD is changing hands at $162.45б off the intraday low of $161.54. The second largest coin has been recovering slowly from $148.23 low touched on April 25; however, the upside momentum has not been strong enough to take the price above$170.00-$172.00 area.
Looking technically, the local resistance is created by $164.85-$165.00 area, which includes the middle line of a daily Bollinger Band. Once it is cleared, the above said $170.00 barrier will come into view. Another major resistance is created by 23.6% Fibo retracement at $174.50. This area limited ETH’s recovery in mid-April and triggered the sell-off towards the recent lows.
On the downside, is created by psychological $160.00 closely followed by 50% Fibo retracement at $159.70. The next barrier comes at $158.00 with DMA50 located marginally below this handle. Once it is broken, the sell-off may be extended towards $153.20 (61.8% Fibo retracement and April 29 low).
ETH/USD, 1-day chart
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