- Ethereum has started a technical correction, in line with the market.
- The critical support is created by $140.00
Ethereum, the second-largest digital asset with the current market value of $15.7 billion has stayed unchanged both on a day-to-day basis and since the beginning of the day. ETH/USD is changing hands at $142.5 after a failed attempt to test $148.00 during early Asian hours. The coin is moving in sync with the market, which means thee price may enter the consolidation phase after a strong growth ETH/USD gained 8.8% in the recent seven days and 12.9% since the beginning of the year.
ETH/USD: technical picture
On the intraday charts, ETH/USD broke below SMA50 (Simple Moving Average) 1-hour at 142.86. If this move is confirmed, the sell-off may be extended towards $141.40 ( the lower line of 1-hour Bollinger Band) and psychological $140.00 reinforced by SMA50 daily. Notably, strong support is seen on approach to $139.50 with SMA100 1-hour. If ETH/USD moves below $135.00 guarded by SMA200 1-hour, the recent upside trend will be negated.
On the upside, the initial resistance awaits us on approach $145.00. This barrier separates us from $146.60 ( the upper line of 1-hour Bollinger Band) and the ultimate $148.00. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on psychological $150.00. December high at $153.00 may slow down the upside momentum, though, once it is out of the way, the price may move to the previous recovery high at $158.00. Thee ultimate resistance is $160.00 (SMA100 daily).
ETH/USD 1-hour chart
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