- ETH/USD drops below $174.50 after a strong growth to $175.50
- The correction may be extended towards $170.00.
ETH/USD spiked to $175.50, amid strong Bitcoin rise. At the time of writing, the second largest coin with the current market cap of $18.4 billion is changing hands at $174.40, with over 2.6% gains on a day-on-day basis.
Despite a 7% growth registered by Ethereum in recent seven days, the coin continues moving in the range, limited by 23.6% Fibo retracement ($174.50) on the upside and 38.2% Fibo retracement ($166.35) on the downside.
The fact that the price slid back inside the range might signal that the coin sin not ready for a sustainable breakthrough as yet.
On the intraday basis, the initial support is created by a combination of SMA100 (1-hour) and a middle line of 1-hour Bollinger Band currently at $172.30. Once it is cleared, the sell-off may be extended towards the next support area $170.00 strengthened by SMa200 (1-hour) and the lower boundary of the Bollinger Band.
On the upside, $174.40 (38.2% Fibo retracement) caps the recovery. Though, once it is broken, the bull’s trend may gain traction with the next focus on April,18 high at $176.60 and to $180.00.
ETH/USD, 1H chart
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