- ETH/USD retraces from the recent high amid low trading activity.
- The correction may be extended towards $169.00.
ETH/USD is hovering above $173.00 after Thursday’s move towards $176.60 handle. The second largest digital asset with the market value of $18.2 billion is mostly unchanged both on a day-on-day basis and since the beginning of Friday. Low trading activity due to holidays in many countries keeps the volatility at bay.
Ethereum’s technical picture
On intraday charts, ETH/USD is trading well above all moving averages with the initial support created by psychological $170.00. Once it is out of the way, the sell-off may be extended towards a stronger barrier created by a combination of SMA100 (4-hour) and a middle line of 4-hour Bollinger Band at $169.00.
If ETH bears manage to clear this hurdle, $166.50-$166.30 are will come into view. A confluence of SMA50 (4-hour), SMA200 (1-hour) and 38.2% Fibo retracement is likely to stop the downside for the time being.
On the upside, the recovery is effectively capped by 38.2% Fibo retracement at $174.40. A sustainable move higher will take the price towards Thursday’s high at $176.60 and to $180.00.
ETH/USD, 4H chart
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