Categories: Ethereum

Ethereum chart on February 8: ETH/USD mingles under $105.00

Click here to view original web page at www.fxstreet.com
  • ETH/USD ha stuck on approach to strong resistance area.
  • A sustainable move above $108.00 is needed to improve the technical picture.

ETH/USD is rangebound marginally below $105.00 handle. The third largest coin with a market value of $10.9B has lost 0.4% of its value since this time on Thursday. The cryptocurrency market has calmed down after a volatile start of the week, so has Ethereum. It has recovered from the recent lows at $101.12, but the upside momentum failed to gain traction.

From the intraday perspective, ETH/USD is moving within a triangle. Its upper boundary at $105.16 reinforces the resistance area around $105.00. Once it is cleared, the price may recover towards $105.37 (SMA100 1-hour) and $106.50 (SMA200 4-hour).

Meanwhile, the ultimate short-term target lies with the recent congestion zone $108.00. It needs to be broken for the recovery to gain traction and open up the way towards psychological $110.00.

On the downside, the initial support is produced by SMA50 (1-hour) at $104.23 and the lower border of the above-mentioned triangle at $103.67. Once below, the sell-off will gather pace with the next aim at $102.00 and the recent low of $101.12.

The intraday Relative Strength Index points upwards, implying that further recovery is possible. However, as a cluster of strong resistance areas may discourage bulls for the time being.

ETH/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

A sustainable move above $108.00 is needed to improve the technical picture.

ETH/USD is rangebound marginally below $105.00 […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: eth ether

Recent Posts

  • Altcoins

Denarius – A true cryptocurrency in a sea of ICOs

In a sea of altcoins, Denarius is by far one of the more interesting, innovative blockchain projects released yet. With… Read More

8 mins ago
  • Bitcoin Business

Donald Trump’s bitcoin takedown signals global currency war

US President Donald Trump’s tweet attacking bitcoin ( BTC-USD ) highlights his increasing interest in controlling global currency markets —… Read More

6 hours ago
  • Bitcoin Business

Iran Legalizes Crypto-Mining As “Official Industry”

After weeks of uncertainty, the Iranian government’s Economic Commission has approved a mechanism of cryptocurrency mining in the country, according… Read More

6 hours ago
  • Bitcoin Business

Bullish For Bitcoin? Trump Turns Up Pressure on Federal Reserve to Cut Interest Rates

President Trump is continuing to pressure the Federal Reserve for dragging its feet on interest rate cuts. For some, such… Read More

6 hours ago
  • Bitcoin Business

Blockchain Center’s grand opening attracts local, international leaders

Pictured (l-r) are Eryka Gemma, Nick Spanos, Miami Mayor Francis Suarez, and Scott Spiegel. (Photo credit: World Red Eye) Blockchain… Read More

6 hours ago
  • Bitcoin Business

Bitcoin buyers beware

by Mike Connon As advisors, we typically advise families to take a patient, long-term approach to investing in the market,… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More