- 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
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.