- ETH/USD has recovered strongly from recent lows.
- The coin has an upside potential above $180.00.
ETH/USD touched $187.51 during early Asian hours before retreating to $182.76 by the time of writing. Despite the downside correction, second largest digital asset remains the best-performing cryptocurrency out of top-10 coins with over 8% gains on a day-on-day basis. Ethereum has a market value of $19 billion and an average daily transactions volume of $8 billion, down from $11.7 billion hit on April, 3.
Ethereum’s technical picture
On the intraday level, ETH/USD is supported by psychological $170.00, which is followed by a cluster of technical levels including SMA50 (1-hour) at $168.67 and a short-term upside trendline at $167.37. Once this area is cleared, the sell-off may be extended towards SMA100 (1-hour) at $165.32 and $160.00. A stronger support lies at $158.80-60. It is created by a confluence of SMA200 1-hour and SMA50 4-hour.
On the upside, a sustainable move above $180.00 improved the technical picture. However, we will need to see a follow through within the next trading sessions. The next resistance is seen at $187.51 (Asian high), followed by $190.00. Once it is cleared, $200.00 will come into focus.
ETH/USD, 1H chart
BEST BROKERS TO TRADE CRYPTO
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.