- ETH/USD resumed the recovery after a short-lived sell-off during early Asian hours.
- A move above $210.00 will return the price inside the previous range.
The second-largest digital asset hit the intraday low of $204.64 and resumed the recovery to trade at $207.80 at the time of writing. The coin stayed mostly unchanged since the beginning of the day and regain 1.7% of its value since this time on Friday. At the time of writing, the second-largest digital asset is trading with the short-term bullish bias amid expanding volatility.
ETH/USD: Technical picture
On the intraday chart, ETH managed to recover above 1-hour SMA100. This development is a positive technical signal. provided that the move is sustainable and we see a follow-through towards at least $210.00, which is reinforced by the upper line of the 1-hour Bollinger Band. Once this resistance area is out of the way, the upside is likely to gain traction with the next focus on $215.00 that served as an upper boundary of the consolidation channel that dominated in the beginning of the week.
Considering an upward-looking RSI on intraday charts, the coin may continue moving upwards in the nearest hours.
ETH/USD 1-hour chart
On the downside, the initial support is created by 1-hour SMA50 at $206.40. If it is broken, the sell-off may be extended towards $203.00 (1-hour SMA200) and psychological $200.00. A drop below $200.00 will worsen the technical picture and bring the bears back to the market. They will target at the recent low of $191.49 and the daily SMA100 below $190.00.
ETH/USD daily chart
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.