- ETH/USD bulls are celebrating victory as the coin trades above the critical $200.
- An ultimate resistance is created by $230 handle.
Ethereum, the second-largest cryptocurrency with the current market capitalization of $21 billion, crashed below $200.00 handle and touched $190.00 on Tuesday amid major sell-off on the cryptocurrency market. ETH/USD has lost over 13% of its value in recent 24 hours and stayed unchanged since the beginning of Wednesday. By the time of writing, the coin managed to regain ground and settled $201.00.
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Ethereum’s technical picture
On the daily chart, a sustainable move above $200 will mitigate the immediate bearish pressure and create a precondition for an extended upside towards $230.00, which is the lower boundary of the recently broken channel strengthened by SMA100 (Simple Moving Average) on a daily chart.
On the downside, the initial support is created by the recent low of $190.60 closely followed by psychological $190.00 and the lower boundary of 4-hour Bollinger Band. A sustainable move below this handle will open up the way towards the next bearish aim of $183.00 (SMA200, daily chart)