- Ethereum is back on the road to recovery after a massive selloff in the early days of Asia.
- Local resistance is created by a psychological sum of $ 400.00.
Ethereum’s ETH fell below $ 400 after an initial attempt to settle above $ 410 in the early hours of Asia. At the time of writing, ETH / USD is changing hands at $ 395.00, down more than 2% both overnight and since the start of the day. From a short-term perspective, ETH is still moving in a strong uptrend in a context of low volatility.
ETH / USD: the technical table
ETH / USD fell below 1 hour SMA100 (currently at $ 396) and tested the intraday low of $ 389.96. This area now serves as local support which has the potential to slow down near term declines. Once cleared, bearish momentum will gain ground with the next focus on last weekend’s low at $ 380.00.
However, the intraday chart’s RSI has already reversed higher against the oversold am territory, meaning the recovery may be underway. The first target on the upside is created by the psychological barrier of $ 400.00, followed by the recent high of $ 410.00. A sustained move above this area is needed for the bullish momentum to gain ground with the next focus on $ 450.00 reinforced by the top line of the daily Bollinger Band. This zone halted the recovery during the previous week.