Ethereum price analysis: ETH/USD down 6%, recovery attempts are limited
|- The recovery from the intraday lows may be limited.
- The coin has to get back above $174.50.
ETH/USD is trading above $163.00 handle, having recovered from the intraday low of $159.84. The second largest coin is trying to develop an upside correction from an oversold territory, though the recovery attempts may be limited. ETH has lost over 6% of its value in recent 24, while its market cap dropped to $17 billion.
On the intraday level, ETH/USD recovery is capped by 38.2% Fibo retracement level. This area has been limiting the upside movements since Thursday morning. Once it is cleared, psychological $170.00 will come into focus, followed by SMA200 (1-hour) ant $170.60. The next resistance lies with $173.30 (SMA50 1-hour) and $174.40 (23.6% Fibo retracement level).
On the downside, the first support area is created by 50% Fibo retracement at $159.78. This barrier stopped the sell-off during early Asian hours. Once it is broken, the downside may gain traction with the next focus on $157.50 (SMA100 4-hour) and $153.33 (61.8% Fibo retracement).
ETH/USD, 1H chart
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