Ethereum market update: ETH/USD range-bound amid low trading activity
- Ethereum price settled in a range, having recovered from the recent low
- Critical resistance is created by psychological $180.00.
ETH/USD bottomed at $168.35 on October 18 and, having recovered above $170.00 entered a range-bound phase. By the time of writing, the second largest coin settled at $174.30, amid slow trading activity. Lo volatility on the global cryptocurrency markets limits ETH movements and creates conditions for further consolidation in a tight range.
Ethereum’s market value is registered at $18.9. The coin is up 1.5% on a day-to-day basis.
Ethereum’s technical picture
On the intraday charts, ETH/USD recovery is capped by SMA50 (Simple Moving Average) four hour at $177.40. Once this barrier is out of the way, the upside is likely to gain traction with the next focus on pivotal $180.00. We will need to see a sustainable move above this handle for an extended recovery to $183.55 (SMA200 four hour).
On the downside, a move below $173.00 (the middle line of four-hour Bollinger Band) will take the price to critical $170.00 strengthened by the lower line of four-hour Bollinger Band, and to the recent low of $168.35. That’s where fresh buying orders are to stop the decline; if they are absorbed, the sell-off may continue towards $160.00.
ETH/USD, four-hour chart
Author
Tanya Abrosimova
Independent Analyst
