- ETH/USD retraces from the recent high amid low trading activity.
- The correction may be extended towards $169.00.
ETH/USD is hovering below $170.00 after a failed attempts to move towards $179.00 handle during the weekend. The second largest digital asset with the market value of $17.8 billion topped at $178.60 on April, 20 and tested the recent low of $166.78 on Sunday, April 21.
Ethereum has lost 2.6% in recent 24 hours amid expanding volatility. The short-term bearish trend is confirmed by the downward-looking RSI on intraday charts.
Looking technically, ETH/USD is supported by $169.00 handle strengthened by SMA50 (4-hour), and a lower line of 4-hour Bollinger Band at $169.00. Once this barrier is our of the way, the sell-off may be extended towards a stronger support created by 38.2% Fibo retracement at $166.35. This area is likely to stop the downside for the time being.
On the upside, the recovery is effectively capped by $170.00. The next resistance is created by SMA100 (1-hour) at $172.00. It is closely followed by $172.60 (middle line of 4-hour Bollinger Band and SMA100, 1-hour). Meanwhile, the uptimate short-term barrier comes at $174.40 (38.2% Fibo retracement). A sustainable move higher will take the price towards April,18 high at $176.60 and to $180.00.
ETH/USD, 4H chart
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The correction may be extended towards $169.00.
ETH/USD is hovering below $170.00 after a failed attempts to […]