Ethereum price analysis: ETH/USD creeping higher, $89.40 in focus

ETH/USD has gained some ground to trade at $87.40 at the time of writing. The third largest digital coin is 2.3% higher since the beginning of Monday and 6% since the recent low of $82.14.

While Ethereum is still dependant on Bitcoin movements, it has been rather resilient lately. Moreover, the number of active ETH addresses surpassed 50 mln on Saturday, December 15. However, it should be noted that the growth of unique ETH addresses is accompanied by a reduction of active addresses. Thus, as of December 15, there are 232,085 active addresses within the network, which is 68% less than at its peak.

Ethereum's technical picture

On the 4-hour chart, ETH/USD is capped by SMA50 (4-hour) currently at $89.40. Once it is cleared, the recovery may be extended to locally important $90.00. This resistance separates us from pivotal $100.00 and $101.46 (SMA100, 4-hour).

While the 4-hour RSI is flat, staying on a neutral territory, which means that more directionless trading is in store for us within the nearest future.

On the downside, the local support comes at $85.00, it is strengthened by the Asian low at $85.10.  Once below, the sell-off may continue towards $82.14.

ETH/USD, 4-hour chart