Ethereum price analysis: ETH/USD pares losses, moves below SMA100 daily
|- Ethereum price retreated from the recent high, settled below SMA100 daily
- The next support awaits ETH bears on approach to $180.00.
ETH/USD topped at $194.80 on November 6 and retreated to $185.98 by the time of writing. The second-largest digital asset with the current market value of $20.3 billion has lost 1.3% of its value on a day-to-day basis, following the global trends on the cryptocurrency market. While the attempts to recover above $190.00 proved to be futile, from the longer point of view, ETH/USD is moving inside a broad range.
Ethereum’s technical picture
On the daily charts, the initial support is created by SMA50 (Simple Moving Average) daily at $181.50 followed by the middle line of the Bollinger Band. Once it is out of the way, a strong psychological barrier of $180.00 will come into focus. This area has been limiting the decline since the beginning of November. If it is broken, the sell-off may be extended towards $164.85 ( the lower line of the daily Bollinger Band). The ultimate support is created by the lower line of a broad range at $160.00. Since the end of September, the coin made several attempts to break it, but bumped into strong buying interest.
On the upside, the strong resistance awaits the bulls at the recently broken SMA100 daily ($187.80). Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $190.00 followed by the recent high at $194.80. The ultimate barrier is created by the upper line of the Bollinger Band on a daily chart ($197.50). It coincides with the upper boundary of the above-mentioned consolidation channel.
ETH/USD, the daily 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.