- A move above $200.00 will improve the short-term technical picture.
- The significant support is created on approach to 180.00.
The second-largest cryptocurrency with the current market capitalization of $21.4 billion stopped within a whisker of critical $200.00 during early Asian hours. While the coin has retreated to $197.67 by the time of writing, it is still trading with bullish bias/ It means that the coin may resume the upside and ahs another try at $200.00 in the nearest future. ETH/USD has gained over 2.5% on a day-on-day basis and stayed unchanged since the beginning of the day.
Ethereum’s long-term technical picture
Looking technically, ETH/USD cleared a strong resistance of $194.00. A sustainable move above this barrier created an upside momentum that pushed the price towards psychological $200.00. This area proved to be too strong to be taken out at the first attempt due to strong stop orders on speculative short positions located on approach. However, a sustainable move above this barrier will open up the way to $205.40 (SMA – Simple Moving Average – 200 daily) and $222.00 (SMA200 weekly chart).
On the downside, a former resistance $194.00 has turned into support strengthened by SMA50 daily. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $180.70 created by SMA50 weekly. It is closely followed by the middle line of one-day hour Bollinger Band at $179.60. If it is broken, the downside may continue towards $165.00 (the lower line of one-day Bollinger Band).
ETH/USD, daily chart