Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

• Ethereum price resumed the decline after a failed attempt to move above SMA200 one-hour.
• Strong support is created by psychological $170.00.

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market.  

Ethereum’s market value is registered at $18.9. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday.

Ethereum’s technical picture

On the intraday charts, ETH/USD recovery is capped by a combination if SMA50 (Simple Moving Average) four-hour and SMA200 one hour currently at $176.50. Once this barrier is out of the way, the upside is likely to gain traction with the next focus on the recent high of $178.20 and a pivotal resistance of $180.00. We will need to see a sustainable move above this area for an extended recovery to $182.50 (SMA200 four-hour).

On the downside, a move below $173.60 (the middle line of four-hour Bollinger Band) will lead to increased downside pressure and push the price to critical $170.00 strengthened by the lower line of four-hour Bollinger Band. This barrier is closely followed by the recent low of $168.35 (October 18). The next strong support awaits ETH bears on approach to $160.00.

ETH/USD, a four-hour chart