- A move above $180.00 will speed up the recovery.
- The significant support is created on approach to 160.00.
The second-largest cryptocurrency with the current market capitalization of $18.92 billion has been on recovery track since Friday. ETH/USD climbed above $170.00 and hit $177.26 before retreating to $175.00 by the time of writing. The coin has stayed unchanged since the beginning of the day and gained nearly 5% from this time on Friday. The coin is down over 18% on a week-on-week basis.
Ethereum’s long-term technical picture
Looking technically, a sustainable recovery above $170.00 bodes well for ETH bulls. The coin has been moving within a short-term bullish trend, however, we will need to see a breakthrough above the next barrier created by SMA200 (Simple Moving Average) on one-hour chart at $180.00 to confirm the recovery. This resistance is closely followed by It is closely followed by the middle line of one-day Bollinger Band at $191.50. Once it is out of the way, the upside is likely to gain traction with the next focus on the ultimate bull’s target of $200.00.
On the downside, a retreat below $170.00 will negate the positive outlook and allow for an extended sell-off towards $161.00 (the lower line of four-hour Bollinger Band). It is closely followed by psychological $160.00 and the recent low of $152.50. The next bears’ target comes at $150.00, which is the lowest level since April.
ETH/USD, a four-hour chart