- ETH/USD under selling pressure after recovery from $129.20
- The long-term resistance is seen at $140.00.
ETH/USD touched $129.20 low before recovering towards $131.00 handle. The second largest coin by market value is changing hands at $131.20 at the time of writing, down 3.5% since this time on Monday. Ethereum is moving mainly in sync with the rest of the market unfazed by fundamentals. Technical factors and speculative sentiments define the short-term dynamics of the coin.
Looking technically, ETH/USD a sustainable movement below congestion zone $135.00 may lead to a broad sell-off with the next primary aim at $125.30 (DMA50) and $124.45 (lower boundary of Bollinger Band on a daily chart).
On the intraday level, ETH/USD got back inside 1-hour Bollinger Band with the lower boundary at $130.66 now serving as a local support zone. The price has the potential to return to the midline at $132.64. Once it is cleared, the upside may be extended towards $134.50 (SMA50) and ultimate $135.00 strengthened by SMA200 (1-hour).
Eventually, we still need to see a sustainable recovery above $140.00, which will signal a breakthrough from the recent range and the continuation of the mid-term upside trend.
ETH/USD, 1-hour chart