Categories: Ethereum

Ethereum (ETH) price analysis: ETH/USD recovers from intraday lows, still down 12% day-on-day

Click here to view original web page at www.fxstreet.com
  • A move above $300.00 is needed to mitigate immediate bearish pressure.
  • The significant support is created by the trend-line at $278.

The coin crashed from the recent high of $363.54 and hit $274.86 during early Asian hours on Friday. The second largest cryptocurrency with the current market capitalization of $31.2 has lost over 12% in recent 24 hours amid a bearish bloodbath on the global cryptocurrency market. Notably, average daily trading volumes doubled n Friday and reached $16.3 billion amid the sell-off.

Ethereum’s technical picture

Looking technically, a sustainable move below psychological $300.00 has darkened the short-term picture. ETH/USD managed to recover from the recent low to trade at $292.50 by press time; however, the further upside is limited by the above-said $300.00 handle. This barrier is closely followed by SMA50 (Simple Moving Average) on 4-hour chart at $304.40. Once it is out of the way, the upside may gain traction with the next focus on $318.00 (the middle line of 4-hour Bollinger Band) and $320.00.

On the downside, the critical support is created by a confluence of the lower line of 4-hour Bollinger Band and SMA100 located at $284.00. If it is broken, the sell-off may continue to the previous upside trend-line at $278 and the recent low of $274.86. That's where fresh buying interest is likely to appear and push the price back towards $300.

The Relative Strength Index (RSI) is also reversing to the North, which may be interpreted as a bullish signal.

ETH/USD, 4-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.

The significant support is created by the trend-line at $278.

The coin crashed from the recent […]

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

Recent Posts

Should You Use MST Gift Cards at US Casinos?

US-facing online casinos don’t exactly feature a robust selection of deposit methods. Most gaming sites only offer a couple of… Read More

22 mins ago

Bitcoin {BTC} the reigning asset: Why Gold Barons and Value Investors constantly shun the king coin

Warren Buffett is a popular investor who was once one of the richest men in the world. He has claimed… Read More

22 mins ago

Bitcoin’s Bull Run Could Be Just Getting Started—Here’s Why

Bitcoin has soared so far this year, with the bitcoin price rising more than 200% since the beginning of the… Read More

23 mins ago

Late Hal Finney Predicted $10 Million Per BTC After Satoshi Release

Although some Bitcoin critics will spite anyone who believes that the cryptocurrency will be worth more than 1000× its current… Read More

6 hours ago

Bitcoin {BTC} adoption: Booking.com chief as well as U.K. Central Bank leader are optimistic about virtual currencies

Bitcoin is placed right at the top of the market, with the BTC dominance rate currently at 68.7%. The trading… Read More

6 hours ago

Top Pro Athletes Like Messi Would Make a Killing in Bitcoin Earnings

According to Messari research, Lionel Messi's take-home pay would be "12,700 $BTC" annually. Cristiano Ronaldo's would be 10,000 bitcoins. |… 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