- ETH/USD broke the upper boundary of the recent channel.
- The critical resistance is created by a psychological $150.00.
ETH/USD is changing hands at $144.50. The second-largest digital asset has gained nearly 4% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market. Ethereum’s market value has increased to $15.6 billion, while an average daily trading volume reached $15 billion.
ETH/USD hit $150.32 on Thursday but failed to hold the ground above critical barrier. At the time of writing, over 10% of Ethereum addresses are in the money, which is a slight improvement from the previous day. A small cluster of 611k ETH addresses contain coins that were purchased at a price above $150.00.
Notably, the number of large transactions nearly before the recent price increase. According to the statistics provided by Intotheblock, on April 626 onchain transactions worth more than $100,000 were processed on April 2 against just 353 transactions on April 1. The number of tokens purchased by ETH whales also increased from 844k to 1.4 million.
ETH/USD: Technical picture
On a 1-hour chart, ETH/USD has reached the upper line of 1-hour Bollinger Band at $145.80, however, the further upside seems to be limited at this stage. The RSI on the 1-hour chart reached an overbought territory, which means the coin might need correction before the upside momentum is resumed. The critical resistance is created by $150.00 with April 3 high located just above this level. A sustainable move higher will open up the way towards SMA200 daily at $174.00.
On the downside, $142.30 serves as initial important support for the coin. This barrier is created by a short-term trend line from the recent low of $129.00 hit on April 1. If it is broken, the sell-off may be extended towards a psychological $140.00. The next short-term support is created by SMA50 1-hour at $137.50.
ETH/USD 1-hour
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