- ETH/USD broke the upper boundary of the recent channel.
- The critical resistance is created by a psychological $150.00.
ETH/USD is changing hands at $144.50. The second-largest digital asset has gained nearly 4% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market. Ethereum's market value has increased to $15.6 billion, while an average daily trading volume reached $15 billion.
ETH/USD hit $150.32 on Thursday but failed to hold the ground above critical barrier. At the time of writing, over 10% of Ethereum addresses are in the money, which is a slight improvement from the previous day. A small cluster of 611k ETH addresses contain coins that were purchased at a price above $150.00.
Notably, the number of large transactions nearly before the recent price increase. According to the statistics provided by Intotheblock, on April 626 onchain transactions worth more than $100,000 were processed on April 2 against just 353 transactions on April 1. The number of tokens purchased by ETH whales also increased from 844k to 1.4 million.
ETH/USD: Technical picture
On a 1-hour chart, ETH/USD has reached the upper line of 1-hour Bollinger Band at $145.80, however, the further upside seems to be limited at this stage. The RSI on the 1-hour chart reached an overbought territory, which means the coin might need correction before the upside momentum is resumed. The critical resistance is created by $150.00 with April 3 high located just above this level. A sustainable move higher will open up the way towards SMA200 daily at $174.00.
On the downside, $142.30 serves as initial important support for the coin. This barrier is created by a short-term trend line from the recent low of $129.00 hit on April 1. If it is broken, the sell-off may be extended towards a psychological $140.00. The next short-term support is created by SMA50 1-hour at $137.50.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.