ETH/USD hibernates at $360 amid lack of momentum

  • ETH/USD practically unchanged, blocked by strong technical levels.
  • The stiff resistance comes at $380, support at $350.

ETH/USD is frozen at $360, basically unchanged both on a daily basis and from the beginning of Friday. While Bitcoin has initiated a convincing short-term recovery from the recent lows, the second largest cryptocurrency with the market capitalization of about $36.7B lags behind. A confluence of strong technical levels holds it back below critical $380, which needs to be cleared before we can hope for a more extended upside towards $400. 

From the short-term perspective, ETH/USD stays below the SMA50 – 1hour chart, which makes the picture a bit gloomy. However, as long as the coin trades above $350, there is a chance for further recovery. $380 handle is guarded by SMA100 – 1hour chart, followed by psychological $400 with SMA200 – 1hour on approach. It is likely to stop the recovery process if we ever get there. On the downside, a sustainable movement below $350 will open up the way towards $330 and $300.

Fundamentally, there is no separate news that might influence ETH momentum right now. The coin is vulnerable to technical trading and speculative flows. However, another case of spam attack on Ethereum network might push the price in the South direction.

ETH/USD, 1-hour chart

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