Ethereum Price Analysis: ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD has been growing strongly during early Asian hours.
The next major resistance is created by SMA200 daily.

Tanya Abrosimova Independent Analyst

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market. Ethereum's market value has increased to $16.6 billion, while an average daily trading volume reached $14 billion.

ETH/USD smashed $150.00 during early Asian hours and managed to develop strong bullish momentum. At the time of writing, over 11% of Ethereum addresses are in the money, which is a slight improvement from the previous day. A large cluster of 3 million ETH addresses purchased the coin at an average a price of $147.00, which means that a sustainable move above $150.00 brought them in the green zone.

Notably, the number of large transactions slumped after an initial recovery at the end of the previous week. The number of tokens purchased by ETH whales also decreased sharply despite the price improvement.

ETH/USD: Technical picture

ETH/USD moved above the upper line of the daily Bollinger Band at $150.65. Usually, it means that the asset may be vulnerable to the downside correction as the price tends to return to the median values. However, the RSI on the daily chart still points upwards and stays on the neutral territory, implying that more upside may be in store.

On the upside the next strong resistance is created by SMA200 daily at $173.50. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $180.00 reinforced by SMA50 and SMA100 on a daily chart.

On the downside, the critical support comes at $150.00