- A move above $195.80 is needed to mitigate the bearish pressure.
- The significant support is created by a confluence of technical indicators below $186.00.
The second-largest cryptocurrency with the current market capitalization of $20.6 has recovered from Sunday’s low of $182.96 and hit the intraday high at $194.20 during early Asian hours. The coin has gained nearly 3% on Monday and stayed unchanged on a day-on-day basis. At the time of writing, ETH/USD is hovering marginally above $191.00
Ethereum’s technical picture
Looking technically, a sustainable move above $190.00 bodes well for ETH bulls. This area strengthened by SMA100 (Simple Moving Average) on a 1-hour chart serves as an initial support level that might slow down the downside correction from the intraday high. However, a sustainable move below this handle will open up the way towards $189.40 (SMA50 1-hour) and $188.90 (the middle line of 1-hour Bollinger Band). Critical support lies with $185.60 (the lower line of 4-hour Bollinger Band). Once below, the sell-off may gain traction with the next focus on the recent low of $182.96.
On the upside, the initial resistance is created by a confluence SMA50 4-hour and SMA200 1-hour on approach to psychological $192.00. We will need to see a sustainable move above this zone for the upside to gain traction. The next resistance is created by the upper line of the 4-hour Bollinger Band and SMA100 4-hour at $195.80.
ETH/USD, 4-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

Is Ethereum's comeback real?
Ethereum price hovers above $2,500 on Friday after soaring nearly 100% since early April's bottom. The ETH Pectra upgrade has boosted over 11,000 EIP-7702 authorizations in a week, indicating healthy uptake by wallets and dApps. The growing stablecoin usage and tokenization, Layer 2 institutionalization and ETH short unwind support the price rally.

Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin price stabilizes around $103,000 on Friday after facing multiple rejections at the key $105,000 resistance level throughout the week. Risk-on sentiment prevails, driven by global trade deals, strong corporate accumulation, and spot ETF inflows.

EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial
EOS price rebounds from short-term support at $0.75, boosting bullish sentiment amid broader market consolidation. President Donald Trump's World Liberty Financial purchases $3 million worth of EOS at an average price of $0.82.

FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo
Defunct crypto exchange FTX will distribute $5 billion to holders of allowed claims starting May 30. Creditors with completed pre-distribution requirements will receive between 54% and 120% of their original claims.

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.