Ethereum overview: ETH on the upside quest, $180.00 in focus
- ETH/USD has gained over 17% in recent 24 hours.
- The coin retains bullish potential.
Ethereum tested $175 level during early Asian hours amid an ongoing bullish run on the cryptocurrency market. The second largest digital asset with the current market value of $17.7B gained over 17% in recent 24 hours, while an average daily transaction volume exceeded $11B, which is more than twice as big as a long-term average.
At the time of writing, ETH/USD is changing hands at $173.00.
Looking technically, the price has entered an overbought territory on all timeframes. However, the Relative Strength Index (RSI) still points upwards, which means that the time for correction has not come yet.
A strong short-term resistance is located above $175.00 handle and guarded by Pivot Point 1D Resistance 1 and Pivot Point 1Month resistance 3. A sustainable move higher will clear the way towards $180.00.
On the downside, once below $170.00, ETH/USD may develop a correction towards $160.00-$159.30 support area created by a confluence of SMA10 1hour, 23.6% Fibo retracement daily. The next barrier is seen on approach to $150.00.
ETH/USD, 1H chart
Author
Tanya Abrosimova
Independent Analyst
