Ethereum market update: ETH/USD struggles at $170.00 amid growing selling pressure


  • The downside momentum is gaining traction.
  • The coin has to get back above $174.50.

ETH/USD is not doing well this Thursday. The second largest coin has lot over 5% of its value in recent 24 hours to trade at $170.26 by the time of writing. While the price recovered from the intraday low of $168.47, the short-term bearish trend is gaining traction amid deteriorating technical picture.

On the intraday level, a strong move broke below the short-term trendline increased the selling pressure on ETH/USD and caused an extended sell-off. Currently, the coin is struggling to return above critical $171.00. This area is strengthened by SMA200 (1-hour) currently at $170.94 and SMA50 (4-hour) at $170.72. The next support lies with the recent low of $168.47 and $160.00 closely followed by 50% Fibo retracement at $159.70.

Considering that the intraday Relative Strength Index (RSI) points downwards, the further sell-off correction looks likely.  

On the upside, a sustainable move above $174.50 (23.6% Fibo retracement) is needed to negate the short-term bearish sentiments. The next resistance comes at $178.00 (broken trendline).

ETH/USD, 4H 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD shoots higher following Bakkt news

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. 

More Bitcoin News

Ripple price analysis: Confluence detector shows a lack of healthy resistance and support levels

Ripple is currently trending in a flag formation and is priced at $0.259. This Thursday, the bulls kicked in after the price fell to $0.242 and took the price up to $0.264. 

More Ripple News

Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted

The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:

More Cardano News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP