Ethereum Price Analysis: ETH/USD fails to clear 1-hour SMA100; upside trend line still intact
|- ETH/USD resumed the decline after a failed attempt t move above SMA100 on 1-hour chart.
- The critical support is created by the upside-looking trend line.
ETH/USD is changing hands at $203.30. The second-largest digital asset has recovered from the intraday low of $201.35, though it is still 1.7% lower from the beginning of the day. Ethereum is moving within a short-term bearish trend amid decreasing volatility. The coin’s market capitalization is registered at $22 billion, while an average daily trading volume is set at $20 billion.
ETH/USD: Technical picture
On the intraday charts, ETH/USD failed to clear the resistance created by 1-hour SMA100 on approach to $210.00. After several attempts, the price resumed the decline towards SMA50 at $206.00. A sustainable move below this barrier increased the downside pressure. Now this line serves as initial resistance. However, only a move above $210-$212 area will allow for the upside to gain traction and bring the longer-term barrier $220.00 back into focus.
On the downside, the local support is created by the intraday low on approach to $203.00. It is closely followed by psychological $200.00 and the upside trend line at $195.00. This the pivotal level that separates the natural correction from the resumed downside trend.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.