• ETH/USD recovery capped by $166.50 barrier.
  • Critical support is created by psychological $160.00.

Ethereum (ETH) has extended the downside ahead of the European hours.The second largest coin with the current market value of $17 billion and an average daily trading volume of $6 billion topped at $167.25 and retraced to $162.81 by the time of writing. ETH/USD has been moving in sync with the market amid technical correction after a strong upside movement in Tuesday.

Ethereum’s technical picture

ETH/USD sell-off is likely to be limited by psychological $160.00. A confluence of technical levels clustered around that barrier includes 50.0% Fibo retracement, SMA50 and SMA100 (1-hour). Once this barrier is out of the way, the downside momentum might gain traction with the next focus on $153.20 (61.8% Fibo retracement and April 29 low).

On the upside, a strong resistance is seen at $166.50, strengthened by 38.2% Fibo retracement, the upper boundary of the previous consolidation channel and the upper boundary of 1-hour Bollinger Band. Once it is cleared, the recovery may be extended towards the recent high at $167.25 and psychological $170.00

ETH/USD, 1-hour chart

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