- ETH/USD recover stopped by critical $200.
- Bets against Ethereum reached the highest level on record.
Ethereum, the second largest coin by market value, has recovered from the lowest level since September 18 at $186, but the upside momentum proved to be too weak to take it above critical $200. ETH/USD is changing hands at $195.44, down nearly 2.3% in the recent 24 hours. Ethereum’s current market value is $20B, while the average daily trading volume is registered at $1.2B, much lower from Friday’s $1.9B.
Bearish bets
The second largest cryptocurrency has fallen out of love with traders, the latest Bitfinex data shows. According to the report, published by the cryptocurrency exchange, there are over 300,000 outstanding short positions in ETH to the total value of about $60M which is the highest bearish bet against Ether on record. ETH/USD has lost over 70% in 2018, while it is down 40% as compared to this time in 2017.
Ethereum’s technical picture
ETH/USD bulls are desperate to push the price above $200 handle as it is a pre-condition for an extended recovery towards $220 (38.2% Fibo retracement monthly, strengthened by SMA100 and SMA200, 4-hour) and $227-$232 congestion zone.
On the downside, a sustainable movement below $190 will trigger more sell-off and push the price to October 11 low of $186 with very little in terms of supports below current price level
ETH/USD, 4-hour chart
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