- A move above $180.00 is needed to improve the short-term technical picture.
- The significant support is created on approach to 172.50.
The second-largest cryptocurrency with the current market capitalization of $19.1 has been moving in lockstep with Bitcoin and all major altcoins. ETH/USD has gained over 3.5% in recent 24 hours to trade at $177.50 at the time of writing. While the further upside looks limited, the growth may be resumed after a short period of consolidation, provided that Bitcoin continues moving within the bullish trend.
Ethereum’s technical picture
Looking technically, ETH/USD has retreated from the recent high of $181.88, which means that ETH bulls are not strong enough to extend the upside. We will need to see a sustainable move above at least $180.00 for the recovery to gain traction and allow for a strong movement towards the next resistance at $184.00. This barrier is strengthned by SMA50 (Simple Moving Average) 100 on 4-hour chart.
On the downside, a sustainable move below $173.00 handle will open up the way towards $172,50 ( the middle line of 4-hour Bollinger Band) and erase all recent gains of the coin. If this is the case, critical $170.00 will come into focus again.