Ethereum price analysis: ETH/USD vulnerable to a short-term correction

The overall trend is positive as long as the coin stays above SMA200 4-hour.
RSI implies that the correction is not over.

Tanya Abrosimova Independent Analyst

ETH/USD is hovering at $114.50, gaining nearly 5% since this time on Thursday. The third largest coin with market value $11.9B has seen a strong spike in average trading volumes to over $3M from $2.2B the day before.

Ethereum's technical picture

On the 4-hour chart, ETH/USD reversed from the intraday high reached at $120.85, though it is still trading above critical SMA200 (currently at $113.75). This setup implies that ETH/USD has a good chance to resume the upside recovery and retest the area above $120 handle.

On the other hand, the Relative Strength Index has reversed to the downside, which means that a deeper correction is possible before the upside trend is resumed.

The ultimate short-term support lies with psychological $100.00 level and a cluster of SMA50 and SMA100 (4-hour) at (96.00). A sustainable movement below this area will negate positive forecast as the downside trend will be resumed.

ETH/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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