- ETH/USD recovery capped by $166.50 barrier.
- Critical support is created by psychological $160.00.
Ethereum (ETH) the second largest coin by market value, gained over 13% in April amid the global recovery on the cryptocurrency market. Since the beginning of the year, the digital asset grew by 22% and reached the highest price of 2019 at $187.
Ethereum community faced numerous issues in the beginning of the year, as the DevTeam had to postpone the major update due to vulnerability issues. Also, many developers moved to EOS and TRON platforms due to the scaling woes that are still needed to be addressed by Ethereum developers.
Nevertheless, the coin has an upside potential as the crypto winter is mostly finished, and many experts, including Fundstrat’s Tom Lee, see positive signals on the market.
Looking technically, ETH/USD is oscillating between psychological $160.00 and $166.50, strengthened by 38.2% Fibo retracement, the upper boundary of the previous consolidation channel and the middle line of 1-day Bollinger Band.A sustainable move in either direction will define ETH momentum for the short-term time frame.
The strong resistance is seen at $170.00 followed by $177.50 (the upper line of 1-day Bollinger Band). If the above said support is broken, the downside momentum might gain traction with the next focus on $153.20 (61.8% Fibo retracement and April 29 low).
ETH/USD, 1-day chart
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