Ethereum, the second largest cryptocurrency with the current market capitalization of $31.8 billion, has recovered from the recent low of $271 to trade at $296.10 by press time. The coin has gained over 7% on a day-on-day basis and 2% since the beginning of Wednesday's trading. However, the upside momentum is fading away on approach to the critical resistance $300.00.
From the short-term perspective, a sustainable move above $300.00 will create favorable technical conditions for further recovery with the next focus on $312.60 (the upper boundary of 4-hour Bollinger Band) and $332.00 (the upper edge of 1-day Bollinger Band).
The way to the North is a bit more crowded with the initial support at the upside trendline currently at $286.00, followed by the recent low of $276.00, Once it is cleared, the sell-off is likely to gain traction with the next focus on $274.86, which is the lowest level of June 27, and $270.30 (SMA50, daily chart). The critical barrier awaits at $252.14 (the lower boundary of 1-day Bollinger Band) and $240.00.
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 critical support is created by the lower line of daily Bollinger Band.
Ethereum , the second […]
An solid gold toilet from Churchill's birthplace goes missing. | Source: AP Photo, File Golden toilets don’t come around very… Read More
eToro , an Israel-based exchange platform, revealed a new programming language designed to simplify derivatives trading.Speaking ahead of the Ethereal… Read More
Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More
The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More
Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More