Ethereum Price Analysis: ETH/USD posted gains in Q1 despite the biggest one-day sell-off on record

• Ethereum showed resilience despite difficult market conditions.
• ETH/USD stays above the upside-looking trend line.

ETH finished Q1 in a green zone

According to the recent research conducted by Messari, the crypto market is dominated by the broader economic environment and the uncertainty created by the coronavirus outbreak. However, the smart contracts sector showed some resilience. The key indices started recovering at the beginning of Q2.

ETH lost 44% on Black Thursday, which is the largest single-day loss in coin history. However, it was able to rebound strongly and finish the first quarter with 2% gains.

Messari experts believe that the upcoming launch of ETH 2.0 will dominate the market narrative, though the coin may be pressured due to new players entering the market.

ETH/USD: Technical picture

At the time of writing, ETH/USD is changing hands at $159.85. The coin hit the intraday high at $161.44 during early Asian hours but failed to hold the ground. Despite the retreat, it has gained nearly 1.5% since this time on Tuesday and managed to stay above the upside trend line from March 13 low (currently at $156.50). ETH attempted to break below this critical barrier on April 13, but new buyers popped in and saved the day.

From the technical point of view, a sustainable move below $156.50 will open up the way to the next critical barrier $150.00 reinforced by 4-hour SMA100. This psychological level should slow down the sell-off. However, if it is broken, the downside momentum will gain traction with the next focus on $140.00 with 4-hour SMA200 located below this barrier.

ETH/USD daily chart