- 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 $22.9 billion hit $215.18 during early Asian hours. While the coin has retreated to $212.40 by the time of writing, the upside momentum remains strong as the coin stays above a critical $200.00. ETH/USD has gained over 7% on a day-on-day basis and grown by 3 since the beginning of the day.
Ethereum’s long-term technical picture
Looking technically, ETH/USD cleared a strong resistance of $200.00. A sustainable move above this barrier created a significant upside momentum that pushed the price towards the highest level in more than a month. The initial resistance is created by the recent high of $215.18, once it is out of the way, $230.00 will come into focus. This barrier is created by SMA100 (Simple Moving Average) daily and the middle line of a weekly Bollinger Band.
On the downside, the initial support awaits us on approach to $205.00. It is guarded by a confluence of SMA100 and the middle line of the Bollinger Band on a daily chart. The former resistance $200.00 has also turned into support. it is followed by SMA50 daily at $194.00. 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.
ETH/USD, daily chart