Ethereum price analysis: ETH recovers from flash crash to $226; upside is limited so far

  • ETH/USD dropped to $226 in a matter of minutes.
  • The coin ttries to develop an upside recovery.

Ethereum collapsed to $226  and managed to recover towards $238 by the time of writing. The second largest coin has lost over 13% of its value in a matter of minutes as Bitcoin collapsed below $7,000 and briefly touched $6,512 low before the recovery started. 

While the short-term technical picture remains fluid, ETH/USD may find support at $224.00 created by SMA100 on 1-hour chart. Once it is cleared, the sell-off is likely to gain traction with the next focus on  psychological $200 with SMA200 1-hour located on approach.

On the upside, the immediate recovery may be capped by $240 and $248 (SMA50 1-hour).

ETH/USD, 1-hour chart

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