Ethereum price analysis: ETH/USD gives back early gains, $160.00 back in focus

ETH/USD recovery capped by $166.50 barrier.
Critical support is created by psychological $160.00.

Ethereum (ETH) has extended the downside ahead of the European hours.The second largest coin with the current market value of $17 billion and an average daily trading volume of $6 billion topped at $167.25 and retraced to $162.81 by the time of writing. ETH/USD has been moving in sync with the market amid technical correction after a strong upside movement in Tuesday.

Ethereum’s technical picture

ETH/USD sell-off is likely to be limited by psychological $160.00. A confluence of technical levels clustered around that barrier includes 50.0% Fibo retracement, SMA50 and SMA100 (1-hour). Once this barrier is out of the way, the downside momentum might gain traction with the next focus on $153.20 (61.8% Fibo retracement and April 29 low).

On the upside, a strong resistance is seen at $166.50, strengthened by 38.2% Fibo retracement, the upper boundary of the previous consolidation channel and the upper boundary of 1-hour Bollinger Band. Once it is cleared, the recovery may be extended towards the recent high at $167.25 and psychological $170.00

ETH/USD, 1-hour chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.