- ETH/USD has retraced from Sunday’s high at $111.79.
- Above DMA50 is needed to improve the long-term picture.
ETH/USD is drifting lower together with the rest of the digital assets. The third largest coin with a market value of $11.2B has lost 1.5% of its value since this time on Sunday. ETH/USD is changing hands at $107.38 at the time of writing, off the recent recovery high at $111.79.
From the intraday perspective, ETH/USD short-term recovery is capped by SMA100 (1-hour) at $107.47, closely followed by the congestion area on approach to $108.00. This barrier is also strengthened by a confluence of SMA50 and SMA200 (1-hour chart).
We need a sustainable move above $108.00 for the recovery to gain traction. In this case, $110.00 will come into focus once again. However, the critical barrier lies with $111.70-$112.00 area. It is created by the upper border of the short-term upside channel. Meanwhile, a move above SMA200 (4-hour) at $113.26 will signal that the coin has bottomed out,
On the longer-term scheme of thing, we need to return above $125.00 (DMA50); however, considering the neutral position of the Relative Strength Index (RSI) and extended recovery looks less likely at this stage.
ETH/USD, 4-hour chart
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