Ethereum Price Analysis: ETH/USD smashed $130.00, upside momentum gaining traction

ETH/USD dropped to $119.36 during early Asian hours before recovering to $133.10. The-second largest digital asset stayed mostly unchanged on a day-to-day basis and gained over 8% since the beginning of the day, moving in sync with the market. The bullish sentiments helped the coin to settle above SMA50 1-hour and smashed SMA100 at $132.50.

One-hour RSI points upwards, which means that the downside correction may be over for the time being. The next bullish target comes at $137.50, which is the upper boundary of the previous consolidation channel. Once it is out of the way, the upside momentum is likely to gain traction with the next focus on $140.00.

On the downside, the critical psychological support is located at $130.00. If it is sustainably broken, the sell-off may gain traction and bring the price towards the above mentioned SMA50 1-hour at $1.2920 reinforced by the upper line of 1-hour Bollinger Band

ETH/USD 1-hour chart