- ETH/USD is retracing from the recent high, though $100 support is still unbroken.
- Ethereum’s creator supported struggling projects with a generous donation.
ETH/USD retreated from recent high registered at $109.2; however, the coin managed to stay above $100.00, which is a positive signal for the bulls. Ethereum is changing hands at $102.00 at the time of writing, down 1.8% since this time on Wednesday, but up 1.7% since the beginning of the day. With a market capitalization of $10.6, Ethereum takes the third position cryptocurrency rating.
ETH/USD created a bottom at $82.18 (on December 7) and recovered 24% since this time. Moreover, a sustainable move above $100.00 handle has improved the short-term technical picture and opened u the way towards the next important hurdle at $142 (DMA50).
Vitalik Buterin donates $300,000 in ETH
Meanwhile, the creator of Ethereum Vitalik Buterin donated $300,000 in cryptocurrency to three Ethereum-based projects. Prysmatic Labs, ChainSafe Systems and Sigma Prime received unexpected support from Vitalik after they complained about financial strain. The start-ups work on Ethereum 2.0 ecosystem improvements and develop client applications for the network.
Ethereum’s technical picture
On the 4-hour chart, ETH/USD is supported by psychological $100, followed by SMA100 (4-hour). If it is broken, the downside may be extended towards $90.00 with SMA50 (4-hour) on approach. On the upside, we need to see a sustainable movement above the recent high at $109.2 for the recovery to gain traction and take the price towards psychological $110.00 and $112.00 (161.8% Fibo retracement, weekly).
Further short-term recovery looks likely as the RSI on the 4-hour chart is trying to reverse to the North amid strong momentum.
ETH/USD, 4-hour chart
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