- Ethereum price recovery sped up on a breakthrough above the key technical level.
- A move towards $200.00 is a real possibility now.
ETH leapfrogged above $196.00 during late Wednesday hours amid strong upside momentum on the cryptocurrency market. While the second-largest coin retreated towards $189.50 by the time of writing, it is still 5% higher from this time on Wednesday.
Ethereum’s technical picture
ETH/USD settled well above SMA50 (Simple Moving Average) on a. daily chart for the first time since September 24 and the middle line of one-day Bollinger Band. This development bodes well for ETH bulls had served as a strong resistance that separated ETH from an extended recovery.
Now that it is out of the way, the upside is likely to gain traction with the next focus on psychological $200.00 closely followed by a stronger resistance created by a confluence of SMA100 daily, SMA200 daily and the upper line of one day Bollinger Band on approach to $210.00.
On the downside, the selling pressure is likely to increase on a breakthrough below $184.00. This development will lead to a retreat towards the next psychological area $170.00 followed by October 6 low of $168.83. If it is broken, the sell-off may continue towards $164.50 and psychological $160.00.
ETH/USD, one-day chart