- ETH/USD is under pressure despite the recovery from the intraday low.
- The critical resistance is located at $150.00.
ETH/USD is trading `under $146.00, off the intraday low at $144.03. Despite the sharp movements on Wednesday, December 4, and during early Asian hours on Thursday, the second-largest digital asset has stayed unchanged on a day-to-day basis.
Ethereum’s technical picture
On the intraday charts, ETH/USD recovery is capped by a combination of SMA50 (Simple Moving Average) and the middle line the Bollinger Band on a 1-hour chart at $147.00. We will need to see a sustainable move above this barrier for the upside to gain traction. The next resistance awaits us at psychological l $150.00 reinforced by SMA200 1-hour. Once it is out of the way, the upside is likely to gain traction with the next focus on the pivotal $159.00.
On the downside, the initial support is created by the intraday low at $144.00. Once it is out of the way, the sell-off may continue towards $143.51 (November 4 low) and psychological $140.00.