- ETH/USD has gained 1.5% on Thursday so far.
- The first resistance comes at $380.
At the time of writing, ETH/USD is trading at $360, down 2.6% on a daily basis but 1.5% higher since the beginning of Thursday. The second largest cryptocurrency with the market capitalization of about $36.8B has halted the decline on approach to a critical $350 handle, which is the lowest level of 2018. The price needs to get back above $380 for the recovery to gain momentum.
As Ethereum is moving in sync with Bitcoin and other major cryptocurrencies, there is a chance for a sustained recovery ahead of the weekend. The coin has lost over 10% in the last two days, following a prolonged period of consolidation in a narrow range. Technically, a breakthrough $400 handle triggered massive sell orders and exacerbated the decline.
From the short-term perspective, the critical support is seen at $350; the lowest level hit on Wednesday. If t gives way, the downside may be extended towards $330. On the upside, the first hurdle is seen at SMA50 – 1hour on approach to $380, if it is cleared, ETH/USD will proceed towards $390 (100SMA – 1hour) and psychological $400.
ETH/USD, 1-hour chart
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