- ETH/USD struggled to regain ground above $400.00.
- The strong support is created by 4-hour SMA200 at $370.00.
Ethereum’s ETH stopped the sell-off on approach to $370.00 on Tuesday and managed to recover to $382. by press time. The second-largest coin is down over 3% on a day-to-day basis and stayed mostly unchanged since the beginning of the day. ETH/USD has been sidelined since the start of the week, moving in sync with Bitcoin. If the coin fails to recover above $400.00 the selling pressure may increase significantly and worsen the short-term technical picture
ETH/USD 1-hour chart
On the intraday charts, the price is hovering around the middle line of the 1-hour Bollinger Band, which confirms the market indecision. The critical resistance is created by the psychological level of $400.00 reinforced by 1-hour SMA200 and 4-hour SMA50. Once it is out of the way, the upside is likely to gain traction with the next focus on $410.00 (the highest level of the week. 4-hour SMA100) and $450.00.
ETH/USD 4-hour chart
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On the four-hour chart, the RSI has reversed to the upside, while the price stays close to the lower line of the 4-hour Bollinger Band at $370.00 reinforced by SMA200. A sustainable move above this area will bring more bears to the market and push ETH/USD towards $350.00.