ETH/USD recovers from intraday lows, still down 4% day-on-day

  • A move above $230.00 is needed to mitigate immediate bearish pressure.
  • The significant support is created by the trend-line at $200.

The second-largest cryptocurrency with the current market capitalization of $23.2 has lost over 4% in recent 24 hours amid bearish sentiments on the global cryptocurrency market. ETH/USD is changing hands at $216.11 with a bearish bias.

Ethereum’s technical picture

Looking technically, a sustainable move below psychological $210.00 will darken the short-term picture. ETH/USD managed to recover from the intraday low of $214.86 by press time; however, the upside momentum is still nowhere to be seen. The above-said $210 this barrier is closely followed by SMA200 (Simple Moving Average) on a daily chart at $193.50. Once it is out of the way, the sell-off may proceed towards $190.30, which is the lowest level since July 7.

On the upside, the critical resistance is created by a confluence SMA50 and the middle line of 4-hour Bollinger Band at $222-$224 area. We will need to see a sustainable move above this zone for the upside to gain traction. The next resistance is created by the middle line of 1-day Bollinger Band at $231.00

ETH/USD, 4-hour chart

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