Ethereum market update: ETH/USD retreats from recent high, $180.00 still intact
- Ethereum price resumed the decline after a failed attempt to break SMA100 daily.
- Strong support is created by psychological $180.00.
ETH/USD bottomed at $153.28 on October 23 and created a top at $199.00 on October 26. At the time of writing, the second largest coin is changing hands marginally below $183.00 amid downside correction after a strong rise into the weekend. ETH/USD has gained 1.5% on a day-to-day basis and lost the same since the beginning of Monday.
Ethereum’s technical picture
On the daily charts, ETH/USD recovery is capped by SMA100 (Simple Moving Average) on a daily chart currently at $191.00. The coin came close to this barrier during early Asian hours, but thee upside momentum was not strong enough to take the price above the critical resistance. Once it is out of the way, the upside is likely to gain traction with the next focus on $194.30 (the upper line of thee daily Bollinger Band) and the recent top of $199.00.
On the downside, a move below $181.60 (the intraday low) will lead to increased downside pressure and push the price to a critical $180.00. If it is broken, thee sell-off may be extended towards $176.00 with SMA100 (Simple Moving Average) and SMA200 (four-hour chart) located on approach.
ETH/USD, the daily chart chart
Author
Tanya Abrosimova
Independent Analyst
