Tanya Abrosimova
Independent Analyst
- ETH/USD holds ground above $85.00.
- Critical resistance $90.00 is still out of reach.
ETH/USD is changing hands at $85.78. The coin is unchanged since the beginning of Friday, staying in a tight range after a short-lived dip to $82.14 low at the end of the previous week. The third largest coin with a market capitalization of $8.8B continues moving in sync with the market.
Ethereum's technical picture
On the 4-hour chart, ETH/USD continues moving within a consolidation pattern above the critical support level at $85.00. While the ultimate short-term resistance is seen at $90.00, the price needs to overcome several hurdles before it gets there. They include the upper line of Bollinger Band channel at $88.18 and SMA50 (4-hour) at $89.77.
While the 4-hour RSI is reversing to the upside, a strong recovery is possible only amid global sentiment improvement on the cryptocurrency market. Both the Relative Strength Index (RSI) and Momentum indicator are staying in the neutral territory.
The local support lies at $85.00, strengthened by the Asian low at $85.10. If it is cleared, the sell-off may be extended towards the recent low of $82.14. From the longer-term point of view, the support area is created by $60.00 and $50.00.
ETH/USD, 4-hour chart
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