- ETH/USD recovery has slowed down on approach to the local resistance.
- The critical barrier is located at $150.00.
ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside. ETH/USD is mostly unchanged since the beginning of the day, though it is 2% higher from this time on Thursday.
Ethereum’s technical picture
Once ETH/USD manages to pass an immediate barrier at $148.00, the upside may be extended towards psychological $150.00 reinforced by a combination of SMA50 (Simple Moving Average) and the upper line the Bollinger Band on 4-hour chart. We will need to see a sustainable move above this area to improve the short-term technical picture. The next resistance awaits us at psychological l $152.50 (SMA100 4-hour).
On the downside, the strong support area is created by the lower boundary of the recent range and the lower line of 4-hour Bollinger Band 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.
ETH/USD, 1-hour chart