• A move above $200.00 will improve the short-term technical picture.
  • The significant support is created on approach to 180.00.

The second largest cryptocurrency with the current market capitalization of $23.4 billion hit $224.40 during early Asian hours. The coin has retreated to $218.50 by the time of writing amid strongly bearish short-term sentiments. 

ETH/USD has gained over 5% on a day-on-day basis and lost 1.3% since the beginning of Friday.

Ethereum’s long-term technical picture

Looking technically, ETH/USD moved outside the daily Bollinger Band with its upper boundary now providing the initial support for the coin ($217.50). Once this barrier is out of the way, the downside correction may gain traction with the next focus on $206.76. This support is created by SMA200 (Simple Moving Average). Meanwhile, ETH/USD long-term sentiments remain bullish as long as it stays above a strong resistance of $200.00. A sustainable move below this barrier will worsen Ethereum’s technical picture and speed up the decline towards $194.00 with SMA50 daily located right below this handle.

On the upside, we will need to see a sustainable move above $220.00 for the upside to gain traction. The next resistance awaits us on approach to the recent high at $224.40. Once broken, the price may extend an upside move towards $228.30 (SMA100 daily) and $230.00

ETH/USD, daily chart


 

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