- ETH/USD grew strongly together with other coins.
- The upside may be limited due to technical factors.
ETH/USD recovered from the recent low of $131.54 to trade at $137.81 at the time of writing. The second largest coin with the current market value of $14.6B grew by nearly 3% in a matter of hours during Asian session amid global cryptocurrency market recovery.
Ethereum’s technical picture
From the short-term point of view, ETH/USD surpassed all intraday SMA levels, including SMA100 and SMA200 both on 1-hour and 4-hour charts. While the coin managed to recover above $135.00 handle, further recovery may be limited by $139.00 handle with the intraday high of $138.89 located on approach. Eventually, we will need to see a sustainable growth above $140.00 to claim that ETH/USD is out of the woods.
On the downside, watch out for $137.00 (SMA100 1-hour and SMA50 4-hour) followed by $136.00. This area is strengthened by SMA200 (1-hour). Once below, the sell-off may continue with the next focus on critical $135.00.
ETH/USD, 1-hour
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