Ethereum market update: ETH/USD locked in a range after the recent sell-off

Ethereum price recovery stumbled on approach to critical $200.00.
An important short-term support is created by $180.00.

ETH has been moving in a tight range after a strong sell-off from the recent high of $197.00. The second-largest con with the current market value of $19.8 billion has recovered from October 12 low of $177.22 to trade at $183.50 at the time of writing, however, the upside momentum is weak.

Ethereum’s technical picture

On the intraday charts, the initial resistance is created by a combination of SMA50 (Simple Moving Average) and the upper line of a Bollinger Band on the one-hour timeframe. Once it is out of the way, the recovery is likely to gain traction with the next focus on psychological $190.00, followed by the above-said high of $197.50. A host of speculative sell-orders located on the approach to $200.00 is likely to slow down the recovery and push the price back inside the range.

On the downside, the initial support is located on approach $182.50. This barrier is created by a confluence of SMA50 and SMA200 on the one-hour timeframe. While this area may slow down the sell-off, a sustainable move lower will increase the bearish pressure with the next focus on psychological $180.00 with the lower line of one-hour Bollinger Band located on approach.

ETH/USD, one-hour chart

Share: Cryptos feed

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.

Join Telegram