RATE Group | ETH/USD pares losses, moves below SMA100 daily
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ETH/USD pares losses, moves below SMA100 daily

08 Nov ETH/USD pares losses, moves below SMA100 daily

Posted at 06:36h in Ethereum News by

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  • Ethereum price retreated from the recent high, settled below SMA100 daily
  • The next support awaits ETH bears on approach to $180.00.

ETH/USD topped at $194.80 on November 6 and retreated to $185.98 by the time of writing. The second-largest digital asset with the current market value of $20.3 billion has lost 1.3% of its value on a day-to-day basis, following the global trends on the cryptocurrency market. While the attempts to recover above $190.00 proved to be futile, from the longer point of view, ETH/USD is moving inside a broad range.

Ethereum’s technical picture

On the daily charts, the initial support is created by SMA50 (Simple Moving Average) daily at $181.50 followed by the middle line of the Bollinger Band. Once it is out of the way, a strong psychological barrier of $180.00 will come into focus. This area has been limiting the decline since the beginning of November. If it is broken, the sell-off may be extended towards $164.85 ( the lower line…

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