Ethereum Price Analysis: A trip to $200.00 is going to be bumpy

• ETH/USD has recovered from the intraday low, still under $170.00.
• The local resistance is created by daily SMA200.

ETH/USD retreated towards $170.00 amid the overall correction on the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $168.00, moving to and fro around the critical barrier. The second-largest asset hit the recent high at $176.48, however, the bulls failed to hold the ground. The recovery towards $200.00 was postponed. ETH/USD has lost over 2% on a day-to-day basis and gained 3% since the beginning of Wednesday. 

At the time of writing, over 26% of Ethereum addresses are in the money, which is an improvement from the previous day. A minor cluster of ETH addresses has their breakeven point at $178.00, which means that the upside may be limited by this area. The number of large transactions continued growing, however, their volume decreased.

ETH/USD: Technical picture

ETH/USD has found support created by 1-hour SMA50 at $167.00. If it is broken, the sell-off may continue towards the lower line of 1-hour Bollinger Band at $163.00. This area is likely to slow down the retreat; however, a sustainable move below this barrier will open up the way towards 1-hour SMA100 at $156.00 followed by critical barrier of $150.00. The intraday RSI reversed to the upside. It means that the price may resume the recovery, provided that $170.00 stays unbroken.

ETH/USD 1-hour chart

On the daily chart, ETH/USD is capped by SMA200 at $172.50. Once it is out of the way, the recovery will gain traction with the next focus on daily SMA50 at $178.30 and psychological $180.00. This area will be a hard nut to crack for ETH bulls; however, if it is cleared, $200.00 will quickly come into focus.

ETH/USD daily chart