Ethereum price analysis: downside bias prevails
- ETH/USD hovers around $90.00.
- Short-term technical indicators point to further losses.
ETH/USD is changing hands at $90.60, having lost over 1.5% in the recent 24 hours. The third largest coin with a market capitalization of $9.5B has been moving in lockstep with global cryptocurrency market, consolidating in a narrow range after a deep collapse at the end of the previous week.
Ethereum's technical picture
On the intraday level, ETH/USD is capped by SMA50 (1-hour) at $92.53. This barrier amid quiet Asian trading limits the recovery. Once it is cleared, the price will move towards the next short-term target created by SMA200 (1-hour) at $99.00 and to the psychological $100,00. A sustainable move higher will encourage buyers to push ETH/USD towards $107.38 (SMA100, 4-hour). However, an extended upside looks unlikely considering the downward bias of the Relative Strength Index (RSI).
On the downside, the immediate support comes at $89.00 (Monday's low). Once below, the downside pressure may increase and push the price towards Saturday's low at $84.72 and to Friday's low at $82.78. This area will trigger upside recovery. However, if it is cleared, $50.00 may come into focus.
Author
Tanya Abrosimova
Independent Analyst
