Ethereum price analysis: ETH/USD bulls come back with fanfare
- Ethereum price retreated from Wednesday's high, settled above SMA100 daily
- The next resistance awaits ETH bulls on approach to $200.00.
ETH/USD made its way above $190.00 on Wednesday, demonstrating nearly 4% growth on a day-to-day basis. The second-largest digital asset with the current market value of $20.9 billion is changing hands at $192.70, down from the intraday high of $194.80.
Ethereum’s technical picture
On the daily charts, the initial support is created by a psychological $190.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on SMA100 (Simple Moving Average) daily at $188.50 and SMA50 daily at $182.50. The psychological $180.00 remains the critical threshold that separates a correction from a resumed bearish trend.
On the upside, the strong resistance awaits the bulls at $196.50, it is created by the upper line of the Bollinger Band on a daily chart. The price should clear this area to extend the recovery towards $200.00, preceded by October 26 high at $199.04. The next barrier is created by SMA200 daily at $213.00.
ETH/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
