- ETH recovery is gaining traction as the price moves above $203.00.
- The next resistance is created by 4-hour SMA50 at $205.50.
The second-largest digital asset recovered above critical $200.00 after a sharp sell-off to $191.49 on Thursday. The coin has regain 1.3% of its value since the beginning of the day and lost nearly 4% in the recent 24 hours. At the time of writing, the second-largest digital asset is trading at $203.20 with bearish bias.
ETH/USD: Technical picture
While ETH recovery above $200.00 helped to improve the technical picture, a lack of follow-through may be a concern for ETH bulls. The coin bumped into a resistance created by 4-hour SMA100 and the middle line of the daily Bollinger Band at $203.00 and retreated towards $201.00.
From the technical point of view, a sustainable move above $203.00 improves the short-term picture and allows for an extended recovery towards the next barrier created by 4-hour SMA50 at $205.50.
ETH/USD 4-hour chart
On the downside, a drop below $200.00 will bring the bears back to the market. They may push the price towards the recent low of $191.49. Once it is out of the way, the sell-off may be extended towards daily SMA100 below $190.00 and daily SMA50 at $187.30. The critical support comes at $175.00. This area reinforced by daily SMA200 stopped the decline on May 11.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
The next resistance is created by 4-hour SMA50 at $205.50.
The second-largest digital asset recovered above […]