- ETH/USD is under pressure despite the recovery from the intraday low.
- The upside momentum may be limited as long as the coin stays below $150.00.
ETH/USD is trading `at $146.50, off the intraday low at $143.51. Despite the recovery, the ETH is moving with the short-term downside bias. The second-largest digital asset, with the current market value of $15.9 billion, has stayed unchanged on a day-to-day basis and lost 1% since the beginning of Wednesday.
Ethereum's technical picture
On the intraday charts, ETH/USD recovery is capped by SMA50 (Simple Moving Average) 1-hour at $147.75. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on psychological $150.00 reinforced by SMA200 1-hour. The pivotal resistance is created by $159.00. The middle line of the daily Bollinger Band and the lower boundary of the previous consolidation range will turn it into s stiff hurdle.
On the downside, the initial support is created by $145.00 (the lower line of 4-hour Bollinger Band). Once it is out of the way, the sell-off may continue towards the intraday low of $143.51 and psychological $140.00
ETH/USD, 1-hour chart
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The upside momentum may be limited as long as the coin stays below $150.00.
ETH/USD is […]