Ethereum Price Analysis: A bunch of trading orders on approach to $134.00 blocks ETH/USD recovery

  • ETH/USD has been recovering after a sharp sell-off on Monday.
  • Important resistance is created by psychological $134.00.

Ethereum, the second-largest digital asset with the current market value of $14.4 billion and an average daily trading volume of $11 billion, managed to recover above $131.00 after a sell-off towards $124.17 during early Asian hours. Despite the upside momentum, the coin is still locked in a range. 

With just over 4% ETH accounts in the money now, ETH/USD may be vulnerable to further losses unless it breaks above the upper boundary of its short-term channel. As over 500K of ETH addresses have their break-even point around $134.00, Ethereum bulls might find it hard to make their way above this level.

ETH/USD: Technical picture

On the intraday charts, ETH/USD recovery is capped by $133.00. This resistance is created by a combination of SMA100, SMA200 and the upper line of the Bollinger Band on the 1-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on the above-said $134.00 and $140.00. The next resistance comes at $142.00, which is the highest level since March 27.

On the downside, the first support is created by psychological $130.00, followed by SMA50 1-hour at $129.60. Once it is out of the way, the sell-off is likely to gain traction with the next focus on Asian low of $124.17 and psychological $120.00.

ETH/USD 1-hour chart

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