- ETH bulls push the price to $147.00 amid global recovery.
- The upside momentum may start fading away at this stage.
Ethereum, the second-largest digital asset with the current market value of $16.0 billion, has regained ground after a massive sell-off on Monday. ETH/USD hit the bottom at $132.48 and recovered towards $147.00 by the time of writing. The coin is 8% higher from this time on Monday and mostly unchanged since the beginning of the day.
Ethereum’s technical picture
On the daily charts, ETH/USD bulls pushed the price above psychological $140.00; while the technical picture has improved, we still need to see a sustainable move above $159.30-$160.00 area (the lower boundary of the previous consolidation channel), to negate the immediate bearish scenario. Once this barrier it is out of the way, the upside is likely to gain traction with the next focus on psychological $170.00, followed by SMA50 (Simple Moving Average) daily at $177.30.
On the downside, the initial support is created at $145.00 by a combination of SMA50 1-hour and the lower line of 1-hour Bollinger Band on 1-hour chart. If it is broken, the sell-off may gain traction with the next focus on psychological $140.00, followed by the previous week’s low at $138.00.
