Ethereum market update: ETH/USD recovery capped by $178.00

• Ethereum price recovers from the recent low in sync with the market.
• Initial resistance is created by SMA50 one-hour at $176.00.

ETH bottomed at $171.90 on Wednesday. By the time of writing, the second largest coin recovered to $176.78, however, the upside momentum is too weak to allow for an extended recovery towards critical $180.00.  ETH/USD has gained 1.2% since the beginning of the day amid global recovery on the cryptocurrency market led by Ripple’s XRP.

Read also: Cryptocurrency market update: Ripple jumps 5% pulling Bitcoin and Ethereum upwards

Ethereum’s market value is registered at $19.1. The coin is down 1.2% on a day-on-day basis.  

Ethereum’s technical picture

On the intraday charts, ETH/USD moved outside one-hour Bollinger band which its upper boundary nor creating initial support for the coin ($176.00). The local resistance awaits ETH bulls on approach to $178.00 ( SMA50 (Simple Moving Average) one hour). Once it is out of the way, the upside is likely to gain traction with the next focus on  critical $180.00 strengthened by SMA100 one-hour. We will need to see a sustainable move above this handle for an extended recovery to $183.50 (SMA200 one hour).

On the downside, a move below $176.00 will take the price to $174.40 (the middle line of one-hour Bollinger Band) that’s where fresh buying orders are to stop the decline; however, if they are absorbed, the sell-off may continue towards $173.00 and the recent low of $171.90.

ETH/USD, one-hour chart