Ethereum locked under $120.00

• ETH/USD has reversed from Wednesday’s high amid a correction.
• The coin needs to regain ground above $120.00.

Ethereum is changing hands at $117.90, losing nearly 4% since the beginning of the day. While the coin is still higher on a daily basis, the failure to stay above $120.00 darkens the short0term technical picture.

ETH/USD has been one of the worst performing coins in recent weeks. The coin touched the area below critical $100 twice in November, however, on both occasions, new buyers came and to save the situation. Etherum has been under pressure due to large-scale sell-off by several ICO projects that were forced to return money to investors following the SECs penalties. Moreover, network update issues add uncertainty and increase the price pressure.

Ethereum’s technical picture

The price is supported by DMA5 at $115.34; though, we need to see a sustainable movement above $120 handle to get a chance for an extended recovery towards $130.00 with Pivot Point 1-month Support 3 on approach.

From the longer-term point of view, an ultimate resistance is created by $200, though we will need to clear $186 (DMA50) before we get there.  DMA100 at $215.50 might attract sellers and trigger profit-taking. However, once it is removed, the upside may be extended towards congestion area $250.

On the downside, the critical support lies with the recent low of $100.92, it is followed by essential $100.  

ETH/USD, the daily chart