- ETH/USD has recovered from the intraday low, still under $170.00.
- The local resistance is created by daily SMA200.
ETH/USD retreated towards $170.00 amid the overall correction on the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $168.00, moving to and fro around the critical barrier. The second-largest asset hit the recent high at $176.48, however, the bulls failed to hold the ground. The recovery towards $200.00 was postponed. ETH/USD has lost over 2% on a day-to-day basis and gained 3% since the beginning of Wednesday.
At the time of writing, over 26% of Ethereum addresses are in the money, which is an improvement from the previous day. A minor cluster of ETH addresses has their breakeven point at $178.00, which means that the upside may be limited by this area. The number of large transactions continued growing, however, their volume decreased.
ETH/USD: Technical picture
ETH/USD has found support created by 1-hour SMA50 at $167.00. If it is broken, the sell-off may continue towards the lower line of 1-hour Bollinger Band at $163.00. This area is likely to slow down the retreat; however, a sustainable move below this barrier will open up the way towards 1-hour SMA100 at $156.00 followed by critical barrier of $150.00. The intraday RSI reversed to the upside. It means that the price may resume the recovery, provided that $170.00 stays unbroken.
ETH/USD 1-hour chart
On the daily chart, ETH/USD is capped by SMA200 at $172.50. Once it is out of the way, the recovery will gain traction with the next focus on daily SMA50 at $178.30 and psychological $180.00. This area will be a hard nut to crack for ETH bulls; however, if it is cleared, $200.00 will quickly come into focus.
ETH/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.