- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.