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  • ETH/USD is recovering from the oversold territory.
  • $200.00 is the fundamental recovery level, though further upside may be limited.

Ethereum seems to have spun off after the nerve-racking nosedive to the lowest levels since July 2017. The second largest coin by market value is changing hands at $190.00 at press time, off Wednesday’s low registered at $166.76. Ethereum managed to gain over 6% in recent 24 hours amid global recovery on the cryptocurrency markets.

Ethereum’s technical picture

From the short-term point of view, ETH bulls desperately need to regain ground above $200 to get a chance for a more extended recovery. It is not entirely out of the question, provided that the FUD abates and the broader market enters the recovery mode. However, a cluster of strong technical levels including SMA200 (10-hour chart), last month low and previous week low located at $212, is likely to stop the upside.

On the downside, ETH/USD is supported by $182,25 (SMA50, 1-hour chart), though the ultimate support zone lies at $178 (Fibo 61.8% daily), followed by $170.00 and Wednesday’s low at $166.76. Being grossly oversold after the recent plunge, Ethereum is undoubtedly ripe for a correction. The question is whether it will be able to turn this respite into a more sustainable movement.  

ETH/USD, technical picture

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