Ethereum price analysis: ETH/USD starts technical correction, still below $140.00
|- ETH bears engineered a recovery from the intraday lows
- The downside momentum remains strong at this stage.
Ethereum, the second-largest digital asset with the current market value of $14.7 billion, has recovered from the recent low of $132.48, though it is still 10% lower from this time on Sunday. At the time of writing, ETH/USD is changing hands at $135.93.
Ethereum's technical picture
On the daily charts, ETH/USD needs to recover above psychological $140.00 to mitigate the initial bearish pressure and get the chance for further upside towards the middle line of 1-hour Bollinger Band at $141.23 and SMA50 (Simple Moving Average) $147.26. This area roughly coincides with the lower boundary of the weekend consolidation range and creates a strong barrier that may slow down the upside moments. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $150.00
On the downside, keep an eye the Sian low of $132.48 as it separates us from a deeper decline towards $130.00. Once below, ETH/USD will enter an uncharted territory as the coin traded below $130.00 only in March 2019.
ETH/USD, 1-hour chart
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