Ethereum market update: ETH/USD stays boring, getting ready for a decisive breakthrough
- Ethereum price retreats SMA50 on a daily chart.
- The critical support area at $170.00 may slow down the sell-off.
ETH/USD is range-bound during Thursday trading. The second-largest digital coin with the current market value of $19.2 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of the day amid vanishing volatility and low trading volumes. At the time of writing, ETH/USD is changing hands at $177.40 with no clear short-term direction.
Ethereum’s technical picture
A sustainable move above $180.00 handle is needed to clear the path towards the next strong target at $185.00. It is created by SMA50 (Simple Moving Average) on a daily chart that has been limiting the coin's recovery since September 24. Once it is out of the way, the upside is likely to gain traction with the next focus on the longer-term bull’s target $200.00.
However, considering low momentum and flat RSI (Relative Strength Index) on a daily chart, we may suggest that ETH/USD will stay in the range for a longer period of time.
On the downside, the initial support is created by $170.00. SMA50 and the lower line of the four-hour Bollinger Band located in approach to this hurdle will slow down the sell-off. However, if it is broken, we will see an extended decline towards $160.00 and $153.00 (the recent low and the lower line of the one-day Bollinger Band).
ETH/USD, one-day chart
Author
Tanya Abrosimova
Independent Analyst
