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  • ETH/USD retraced from the recent high of $140.00.
  • The trend is still positive as long as the price stays above $130.00.

ETH/USD has settled at $138.18 after a short-lived attempt to break above $140.00 handle on Tuesday. The second largest digital asset with the market value of $14.4B gained over 7% in recent 24 hours amid global cryptocurrency recovery.

As there are no obvious fundamental triggers behind the decline, the market is driven mostly by technical factors.

The upside momentum seems to be gaining traction ahead of the European opening, so ETH/USD has an excellent chance to retest the above-said $140.00 handle. Once it is out of the way, the upside may continue towards $140.80 – this short-term barrier is created by the upper line of 1-hour Bollinger Band.  

The longer-term target lies with psychological $150.00 and the congestion zone of $152.00.

On the downside, strong support is created by $124.00 (DMA50). However, the bears will have to pass $134.68 (SMA50 4-hour) and $130.00 before they have a chance to push the price that low.

ETH/USD, 4-hour chart