Ethereum price analysis: bulls in retreat, bears are tired

• ETH/USD stays in a narrow range, blocked by $120.00 resistance.
• The ultimate support is created by $100.00.

Ethereum is changing hands marginally above $118.00, losing nearly 2% since this time on Thursday. Ethereum, now the third largest coin with a market value of $12.2B and an average daily trading volume over $2B, is confined to a narrow range after two turbulent weeks that resulted in over 40% of losses.

Ethereum’s technical picture

The short-term technical picture is clouded as long as the coin stays below $120.00; however, we need to clear $118.60 (SMA50, 1-hour) before we can proceed to the psychological $120.00.  

Once this roadblock is out of the way, the recovery will gain traction with the next focus on $130.00 with Pivot Point 1-month Support 3, and $142.00 (SMA100, 4-hour).  

The longer-term resistance is created by $200, though we it is still out of the reach, considering the faded market momentum and a taste of uncertainty into the year-end.

On the downside, the first support comes with $114.00 (SMA100, 1-hour). It is followed by the recent low of $100.92, and critical $100.  

ETH/USD, 1-hour chart