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
Author
Tanya Abrosimova
Independent Analyst
