The ETH/USD pair retreats to the $170 price level during the overall crypto market correction as per the ethereum news that we have below.
The ETH/USD pair retreats after reaching the $168 level and is moving around to find a critical barrier before going further. The second-largest cryptocurrency reached a high of $176 but the bulls failed to hold the ground so the recovery for $200 price level is postponed. The ETH/USD pair lost more than 2% on the day-to-day basis and managed to gain 3% since the start of today. At the time of writing, more than 25% of Ethereum addresses are in money which is a good improvement from yesterday. The minor ETH addresses cluster had a breakeven point at $178 which means that the upside could be limited by this area. The number of transactions continued to increase but the volume dropped.
The ETH/USD pair found support by the 1-hour SMA50 at $1667 and if this level is broken, the sell-off could continue towards the lower line of 1-hour Bollinger Band at $163. This area could slow down the overall retreat but the move below this barrier will open up to the 1-hour SMA100 and the $156 following the crucial barrier at $150. The intraday RSI reversed to the upside and this means that the price could resume the recovery provided by the $170 level if it stays unbroken. On the daily chart, the ETH/USD is capped by the SMA200 at $172 and the recovery will gain traction in the next focus on daily SMA50 at $178 with the psychological level at $180. The area will be hard to pass for the ETH bulls but if it is cleared, $200 price level will come quickly into focus.
Over the past week, Ethereum increased above the $130 price range, and the price spiked above the $145 resistance, settling above the 100 simple moving average. It later tested the $150 resistance area, which is where the bears emerged. There was a slight downside correction below this level and the price traded below the 23.6 percent Fib retracement level from the upward movement of the $129. If Ethereum remains stable above the $140 support and the 100 simple moving average, the price could rise further.
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