- ETH/USD has recovered from Friday lows, but the upside is limited.
- DMA100 creates the ultimate bulls’ target.
ETH/USD is hovering around $105.00 handle, off the early Asian low at $104.31. The third largest coin with the current market cap of $11B has lost over 3.5% of its value in recent 24 hours, ready to finish the third bearish week in a row.
Ethereum rose a high as $163.22 in January, but the upside was caused by speculative positioning ahead of Constantinople update. Thus the positions were reversed after the developer team announced the delay.
Now ETH/USD is drifting lower in sync with the rest of the market.
Looking technically, the further price developments hinge on the coins ability to regain $110.00 handle. This resistance is regarded as a key for a sustainable short-term recovery, that will open up the way towards $123.50 (DMA50) and $141.60 (DMA100). A sustainable move higher will signal that the upside recovery is here to stay.
On the downside, the first major support comes at $102.17 (January 2019 low). If it is broken, the sell-off may continue towards $100 and to December 2018 low at $82.00.