Ethereum bears hit the pause button as ETH/USD recovers above $167.00

A move above $200.00 is needed negate the recent sell-off.
The significant support is created on approach to 150.00.

Tanya Abrosimova Independent Analyst

The second-largest cryptocurrency with the current market capitalization of $17.8 billion has been moving down in sync with the market. At the time of writing, ETH/USD is hovering around $167.70, off the recent low touched at $155.62. The coin has lost nearly 17% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

Ethereum’s long-term technical picture

Looking technically, ETH/USD needs to recover above $170.00 to mitigate the initial pressure and proceed towards the next short-term barrier created by the middle line of one-hour Bollinger Band at $172.50. Once it is out of the way, the upside is likely to gain traction with the next focus on $191.00. This barrier is created by a confluence of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on one-hour chart. The critical resistance awaits the bulls on approach to psychological $200.00.

On the downside, a retreat towards the recent low of $155.62 will worsen the short-term technical picture and increase the downside pressure on the coin. The next bears’ target comes at $150.00, which is the lowest level since April. It is followed by the lower line of weekly Bollinger Band at $142.50.