Ethereum Price Analysis: ETH/USD jumps off from the upside trend line, $200.00 still on bulls' radar

Ethereum hit the intraday low at $169.82 during early Asian hours only to recover to the area above $174.84. At the time of writing, ETH/USD is changing hands at $171.00. Despite the recovery, ETH is still down 5% on a day-to-day basis. Ethereum's market value is registered at $19.1 billion, while an average daily trading volume settled at $20.0 billion.

ETH/USD: Technical picture

On intraday charts, ETH/USD hit the upside trend line at $167.50 on Monday amid major sell-off caused by a collapse on the oil markets. However, the trend line served as a jumping-off ground for the coin; as a result, ETH recovered above $171.00 by the time of writing. Earlier, we reported that this support has the potential to slow down the sell-off.

The next resistance is created by the intraday high of $174.84. Once it is out of the way, the upside is likely to gain traction with the next focus on 1-hour SMA100 at $177.60 and 1-hour SMA50 at $178.50. A sustainable move above this area will open up the way towards psychological $180.00 and daily SMA100 at $184.00. The final destination for the bulls is $200.00

On the downside, a move below $170.0 may increase the selling pressure and bring the price back to Monday's low at $166.66. Also, this move will signal a sustainable break below the above-mentioned trend line and the lower line of the 41-hour Bollinger Band. If the bearish pressure persists, psychological $150.00 will come into focus.

ETH/USD 1-hour chart