- ETH/USD has lost nearly 5% in recent 24 hours.
- The coin loses its bullish potential.
Failed attempts to break above $180.00 discouraged Ethereum (ETH) bulls and triggered a strong downside movement. ETH/USD briefly dropped to $158.14 but managed to recover above $160.00 by the time of writing. Currently, the second largest digital asset is changing hands at $160.60 down nearly 5% on a day-on-day basis.
The US SEC’s ruling on TurnKey’s token sale might have served as an initial trigger that pushed ETH price towards a critical $180.00 in the end of the US trading session on Wednesday. However, the permission to sell tokens that are not considered a security comes at a price. The company must adhere to tough limitations.
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Ethereum’s technical picture
On the intraday level, ETH/USD is supported by $153.00 with SMA100 (1-hour) located right below this level). The above said SMA stopped the sell-off earlier today. Once it is cleared, the downside momentum may gain traction with the next focus on psychological $150.00 followed by $145.78 (SMA200, 1-hour).
On the upside, keep an eye on $168.70 (middle line of 1-hour Bollinger Band) and $170.00.
ETH/USD, 1H chart
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