Tanya Abrosimova
Independent Analyst
- ETH/USD recovery stalled at $100.00.
- Short-term technical indicators do not give clear signals.
ETH/USD is changing hands at $93.18, having gained over 1.5% in the recent 24 hours. The third largest coin with a market capitalization of $9.7B has been moving in sync with global cryptocurrency market, attempting a recovery after a collapse well below $100 handle at the end of the previous week.
Ethereum's technical picture
On the intraday level, ETH/USD is capped by $100.00/ This barrier stopped the recovery on Sunday and confirmed its status as strong resistance. If it is cleared, the price will move towards the next short-term hurdle created by SMA50 (4-hour) at $101.50. A sustainable movement above $108.00 (SMA100, 4-hour) is needed to mitigate the bearish pressure.
The Relative Strength Index (RSI) stays in the middle of the range at 45.70, and give no clear signals. Meanwhile, Momentum attempts to move higher.
On the downside, the immediate support comes at $90.00. Once below, the sell-off may continue towards Saturday's low at $84.72 and to Friday's low at $82.78. This is where fresh buying interest is likely to appear. However, if it is broken, $50.00 may come into focus.
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