- ETH/USD recovery is capped by $140.00
- The trend remains positive as long as the price stays above DMA50.
ETH/USD is hovering around a critical resistance level $140.00. The second largest coin with a current market value of $14.6B tries to develop an upside momentum. Once the price is sustainably above the above-said $140.00 barrier, the trip to the North might speed up a bit with the next focus on $41.85 (Wednesday’s high).
From the long-term point of view, ETH/USD has a good chance to proceed to $155.00 area, provided that the cryptocurrency market is dominated by positive sentiments. At this stage, ETH/USD is sitting above the middle line of Bollinger Band on a daily chart, which creates favorable conditions for further recovery.
However, we will need to see a sustainable move above $143.80-$144.00 (this area includes the upper line of 4-hour Bollinger Band) and a psychological $150.00.
On the downside, the local support is created by $135.00 (SMA50, 4-hour), which is followed by $128.26 (SMA200 4-hour) and $124.50 (DMA50).
ETH/USD, 1D chart