Ethereum volatility is close to all-time low; ETH/USD extends the decline

  • Ethereum volatility is decreasing together with the price.
  • ETH/USD may proceed to the critical support at 180.00.

An average 10-day volatility of  ETH/USD dropped to 1.73%, which is close to the historical minimum. This development can be a sign of market indecision, though the asset tends to move sharply after a period of range-bound trading.

Meanwhile, at the time of writing ETH/USD is changing hands at $183.20. down nearly 1.6% in recent 24 hours. The second-largest asset with the current market capitalization of $19.9 billion has been moving in sync with the market, vulnerable to bearish sentiments. 

Looking technically, an important support area is created by SMA50 (Simple Moving Average) daily at $180.48. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $180.00 and $178.00 (the lower boundary of the recent consolidation channel).

On the upside, keep an eye on $185.00 strengthened by SMA100 daily. We will need to see a sustainable move above this handle for the upside to gain traction and mitigate the bearish pressure. The next resistance awaits us on approach to $190.00, followed by $194.70 (November 6 high).

ETH/USD, 1-day chart


 

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.