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  • A move above $177.00 will allow for a sustainable recovery towards $180.00.
  • The significant support is created on approach to 170.00.

The second-largest cryptocurrency with the current market capitalization of $18.9 has regained some ground after Thursday’s sell-off towards $169.63. At the time of writing, ETH/USD is changing hands at $175.52, mostly unchanged in recent 24 hours. Notably, Ethereum is moving in lockstep with Bitcoin and other major altcoins.

Ethereum’s technical picture

Looking technically, initial support is created by SMA50 (Simple Moving Average) 4-hour at $172.80. Once it is out of the way, the downside is likely to gain traction with the next focus on the lower line of 4-hour Bollinger Band at $170.85, followed by psychological $170.00 and the recent low of $169.63.  

On the upside, the first resistance area awaits ETH bulls on approach to the intraday high of $176.89 and $177.00. We will need to see a sustainable move above this handle for the upside to gain traction and take the price towards the next barrier $180.00 and $180.63 (SMA100 4-hour).

Read also:  Ethereum price analysis: Bulls take an early lead this Friday after bears edge out a victory this Thursday

ETH/USD, 4-hour chart