- ETH/USD experienced a sharp growth in Asia.
- Intraday RSI implies the continuation of the upside momentum.
Ethereum (ETH) recovered from yesterday’s low of $166.87 to trade at $174.80 at the time of writing. The second largest coin rose sharply during Asian hours and touched the area above $176.00 before the speculative positioning pushed in back below $175.00.
Looking technically, ETH/USD struggles to settle above $175.00 handle, despite some positive momentum visible on the intraday charts. Once this barrier is out of the way, the recovery may be extended towards $178.00 and $179.50 strengthened by the upper boundary of 4-hour Bollinger Band. Meanwhile. psychological $180.00 separates us from the recent high of $184.00 touched on May 7.
On the downside, ETH/USD is supported by $170.00 followed by $168.15 (SMA50, 4-hour). A sustainable move lower will expose $166.30 barrier created by 38.2% Fibo retracement and $165.50 (lower boundary of 4-hour Bollinger Band.
Considering that the intraday Relative Strength Index (RSI) has reversed to the North, the further intraday growth looks likely. However, a lot will depend on general sentiments on the cryptocurrency market.
ETH/USD, 4H chart