• 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

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Market stays strong despite yesterday's sell-off

Yesterday at 14:45 GMT, the BTC/USD pair plummeted 7.96% in just 5 minutes, dragging with it the rest of the crypto board and causing a juicy change of hands between the fearful and the convinced.

More Bitcoin News

XRP/USD is back inside the previous range, bulls defend $0.2000

Ripple (XRP) is changing hands at $0.2030. The coin has partially recovered from Tuesday’s major sell-off to $0.1970; however, the further upside seems to be limited. Ripple retreated to the fourth place in the global cryptocurrency market rating and gave way to Tether (USDT). 

More Ripple News

LTC/USD bulls lie in wait on approach to $45.00

Litecoin (LTC) has been trading in a tight range since the start of the day, consolidation large moves of the previous days. LTC/USD hit the low of $44.52 on Tuesday amid major sell-off on the cryptocurrency market and managed to recover to $46.20.

More Litecoin News

ADA/USD free-falls 1% in minutes despite positive sentiments

Cardano outperformed most cryptocurrencies in the market last week. In fact, ADA more than doubled its value in less than a week. On the upside, ADA/USD has traded new yearly highs at ...

More Cardano News


Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast