- ETH / USD reversed from Wednesday's high due to a correction.
- The currency must recover more than $ 120.00.
Ethereum changes hands to $ 117.90, losing nearly 4% from the start of the day. While the currency is even higher on a daily basis, the inability to stay above $ 120.00 obscures the short-term technical picture.
ETH / USD was one of the worst performing currencies in recent weeks. The currency touched the area under $ 100 critics twice in November, however, on both occasions, new buyers have arrived and to save the situation. Etherum has been under pressure due to large-scale sales by several ICO projects that have been forced to return money to investors following SEC sanctions. In addition, network update issues add uncertainty and increase price pressure.
Technical framework of Ethereum
The price is supported by DMA5 for $ 115.34; however, we need to see a sustainable move above the $ 120 handle to get a chance of an extended recovery towards $ 130.00 with the 1 month Pivot Point support approach 1.
From a longer-term perspective, a maximum resistance of $ 200 is created, although we will have to cancel $ 186 (DMA50) before we get there. DMA100 to $ 215.50 could attract sellers and trigger profit taking. However, once removed, the upside can be extended to a congestion area of $ 250.
On the downside, critical support lies in the recent $ 100.92 minimum, followed by essential $ 100.
ETH / USD, the daily chart