Ethereum retreat today for the second day in a row rallies after the correction that started from two-month highs. ETHUSD IS 1.33% lower at $164.46 with the capitalization now at 18.02. ETHUSD began the new decade in the positive foot with gains over 28% since January 1st.
ETHUSD trading volume has, reached 11.80 billion in the last 24 hours. The capitalization of the 100 top cryptocurrencies is currently at 236.40 billion.
ETHUSD failed the previous two trading session to break above the 200-day moving average and that gave the sellers the upper hand. The technical outlook is neutral now for the short term as the number two cryptocurrency trades below the 200-day moving average but above the 50-day moving average. Ethereum created a strong base around $160, an area that absorbed the selling pressure after the jump from the 145 to 165 and the pullback that followed.
On the downside, initial support for ETHUSD stands at 160.90 the daily low. Next support would be met at $157.85 the 100-day moving average. If the crypto pair breaks below the next target is at 141.55 the 50-day moving average.
On the upside, first resistance will be met at 167.09 the daily high. More selling pressure might emerge at $178 the high from January 19th. Improvement around the crypto markets might push the ethereum price to the next resistance level at 181.07 the 200-day moving average.