Ethereum market update: ETH/USD takes off from Asian low, still vulnerable to further losses

• Ethereum price is moving down in sync with the market.
• A failure to stay above $170.00 bodes ill to ETH bulls.

ETH/USD hit the recent high at $186.00 on October 1 and has been sliding ever since. During early Asian hours on Monday, the second-largest coin touched the ground below $170.00. While the coin managed to recover from the intraday low of $168.83 to trade at $172.50 at the time of writing, the bearish sentiments are still prevalent.

Ethereum’s technical picture

A sustainable move below $170.00 with create an additional bearish trigger and push the price towards $165.00, which is the lower boundary of the recent consolidation channel. Once it is cleared, the sell-off may be extended towards this week’s low of $164.50  and psychological $160.00.  

On the upside, a sustainable move above $172.00 allows for an extended recovery to a strong resistance area created by SMA50 (Simple Moving Average) four-hour and the middle line of four-hour Bollinger Band on approach to $175.00. Once it is out of the way, the upside is likely to gain traction with the next focus on  $178.80 (the upper line of four-hour Bollinger Band) and psychological $180.00. A critical barrier awaits ETHh bulls on approach to $184.00. It is created by a confluence of SMA50 daily and the middle line of daily Bollinger Band.

ETH/USD, one-day chart