Ethereum price analysis: ETH/USD sits in a long-term range
- Ethereum price retreated from the recent high moving in sync with the market
- The next support awaits ETH bears on approach to $180.00.
ETH/USD is trading at $186.57 at the time of writing, having retreated from the intraday high of $190.28. The second-largest digital asset with the current market value of $20.3 billion has lost 1.34% of its value since the beginning of Monday and stayed mostly unchanged on a day-to-day basis.
Ethereum’s technical picture
From a long-term pint of view, ETH/USD has been oscillating in a broad range since the end of September. The upper border of the range is created by psychological $200.00. The coin approached it twice, but failed to gain enough bullish momentum to break higher. The downside boundary at $160.00 has been tested four times. Most recently, ETH/USD touched $153.28 before climbing back inside the range.
ETH/USD, the daily chart
ETH/USD is supported by psychological $186.00. THis support area is strengthened a confluence of technical indicators, including SMA100 (Simple Moving Average), SMA200 and the lower line of the Bollinger Band on 1-hour chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $185.54 (the recent low) and $180.00.
On the upside, a recovery above $189.00 will mitigate the initial bearish pressure and allow for the next move towards $190.00 followed by the intraday high of $199.28
ETH/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
