Ethereum's technical picture improved as the coin moves above $170.00

Ethereum price recovers above the middle line of four-hour Bollinger Band.
Further recovery is possible once the price moves above $180.00.

ETH/USD touched $175.39 before retreating to $173.50 by the time of writing. The second-largest digital coin with the current market value of $18.7 billion has gained over 2% since the beginning of the day on the back of the global recovery on the cryptocurrency market, triggered by bitcoin’s move above $8,000.

Ethereum’s technical picture

A sustainable move above $170.00 handle improved the short-term technical picture for the coin and opened up the way towards $177.00 ( the upper line of four-hour Bollinger Band) and SMA50 (Simple Moving Average) four-hour followed by psychological $180.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $200.00.

On the downside, ETH/USD is vulnerable to losses if slides back below $170.00. This area is guarded by the middle line of four-hour Bollinger Band. A sustainable move lower will negate the bullish setup and attract new sellers to the market with the next focus on $164.00 (the lower line of four-hour Bollinger Band).

ETH/USD, four-hour chart

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