- Ethereum price stays under pressure despite the recovery.
- Strong support is created by the descending trendline at $172.00.
ETH/USD recovered to the area above $180.00 after a short-lived dip to $179.50 on Thursday. At the time of writing, EETH/USD is changing hands at $182.50, down 1% on a day-to-day basis. An average daily transaction volume reached $9 billion, down from the recent high of $13 billion.
Ethereum’s technical picture
On the daily charts, the initial support is created by psychological $180.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the middle line of the Bollinger Band at $178.00. This barrier is likely to slow down the bears; however, if it is broken, the descending trendline at $172.00 will come into view. This trend line goes down from September 19 high at $224.68. It had served as a strong resistance until it was broken on October 26. The next bearish target awaits at $170.00.
On the upside, the initial resistance awaits the bulls at $183.36, it is created by SMA50 (Simple Moving Average) on a daily chart. However, a stronger barrier is seen at $190.00 with SMA100 located on the approach to this barrier. We will need to see a sustainable move above this handle for the extended recovery towards psychological $200.00.
ETH/USD, the daily chart chart
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