- ETH/USD bulls still struggle at psychological $300.
- The sell-off may continue towards the lower line of daily Bollinger Band.
Ethereum, the second largest cryptocurrency with the current market capitalization of $30.5 billion, has lost over 4$ in recent 24 hours amid global sell-off on the cryptocurrency market. A failure to move above $300 handle emboldened the bears and pushed the price towards the intraday low of $280.18. At the time of writing, ETH/USD is changing hands at $285, moving within the short-term downside trend.
Ethereum's price analysis
ETH/USD sits below the short-term upside trendline (currently at $287). A sustainable move above this level will mitigate the immediate bearish pressure and allow for another attempt at $300. A confluence of strong technical indicators located in approach to this level includes SMA50 (Simple Moving Average)and SMA100 on 4-hour chart, SMA200 and the upper line of the Bollinger Band on 1-hour chart.
This barrier is closely followed by $303.50, that limited Ethereum's recovery two days in a row. An upper line of 4-hour Bollinger Band on the 4-hour chart makes it even stronger and harder to take out.
Once it is out of the way, the recovery may be extended towards $332.00 (the upper edge of 1-day Bollinger Band), which will signal that the downside correction is over.
On the downside, the initial support is created by the intraday low of $280, closely followed by SMA200 4-hour at $276. A strong move below this area will open up the way towards the next bearish target of $270.30 (SMA50, daily chart) and $257 (the lower edge of 1-day Bollinger Band).
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 sell-off may continue towards the lower line of daily Bollinger Band.
Ethereum , the second largest cryptocurrency with the […]