Ethereum market update: ETH/USD recovery capped by $178.00

Ethereum price recovers from the recent low in sync with the market.
Initial resistance is created by SMA50 one-hour at $176.00.

ETH bottomed at $171.90 on Wednesday. By the time of writing, the second largest coin recovered to $176.78, however, the upside momentum is too weak to allow for an extended recovery towards critical $180.00. ETH/USD has gained 1.2% since the beginning of the day amid global recovery on the cryptocurrency market led by Ripple's XRP.

Ethereum’s market value is registered at $19.1. The coin is down 1.2% on a day-on-day basis.

Ethereum’s technical picture

On the intraday charts, ETH/USD moved outside one-hour Bollinger band which its upper boundary nor creating initial support for the coin ($176.00). The local resistance awaits ETH bulls on approach to $178.00 ( SMA50 (Simple Moving Average) one hour). Once it is out of the way, the upside is likely to gain traction with the next focus on critical $180.00 strengthened by SMA100 one-hour. We will need to see a sustainable move above this handle for an extended recovery to $183.50 (SMA200 one hour).

On the downside, a move below $176.00 will take the price to $174.40 (the middle line of one-hour Bollinger Band) that’s where fresh buying orders are to stop the decline; however, if they are absorbed, the sell-off may continue towards $173.00 and the recent low of $171.90.

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