- ETH/USD still holds above the 200 SMA but can’t hit the psychological 200 level.
- 175 could provide some intraday support if the bears regain control.
Ethereum Daily Chart
The daily ethereum chart below shows that recently the price has risen above the 200 simple moving average and managed to hold.
Since then the bulls have seem to have run out of upside momentum.
Over the last couple of candles upside shadows have been forming which could indicate some weakness is to come.
The 200 level has now become an important resistance and it would be an encouraging sign for the bulls if it could be broken,
On the downside, support is around 175 on the intraday charts and on the higher timeframes, 155 looks stronger.
Volume has started wearing thing since the big volume spike on January 14th but this is to be expected as global risks (coronavirus) ease slightly.
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