Ethereum market update: ETH/USD struggles to above $183.00

ETH/USD spiked above $183.00 handle for a short time. The coin touched the intraday high at $183.78, but the upside proved to be unsustainable that the price slipped back to $182.79 by the time of writing. The second largest coin with the market value of $18.9 billion has gained about 4% since the beginning of Wednesday and 2.6% day-on-day basis.

Ethereum’s technical picture

On the intraday level, ETH/USD is supported by $175.60, which is the lowest level of the Asian session. It is followed by a short-term upside trendline at $174.80 and SMA100 (1-hour) at $173.70. If the price moves below this area, the downside momentum is likely to gain traction with the next focus on psychological $170.00 and $167.50 strengthened by SMA200 (1-hour) and SMA50 (4-hour)

Considering that the intraday Relative Strength Index (RSI) has reversed to the South, the further downside correction looks likely.  However, the short-term trend remains bullish as long as the price stays above $$167.50-$167.00 barrier.

On the upside, a sustainable move above $184.00 is needed to negate the bearish sentiments. The next resistance comes at $187.51 (Monday's high), followed by psychological $190.00. 

ETH/USD, 1H chart