Ethereum, the second largest cryptocurrency with the current market capitalization of $23.8 billion, has lost over 16% of its value in recent 24 hours to trade at $224.40 by the time of writing. ETH/USD has recovered from the recent low of $202.80, though it is still moving within a strong bearish trend in sync with the sentiments on the global cryptocurrency market.
On the daily chart, ETH/USD has moved below SMA100 (Simple Moving Average) and the lower boundary of the previous consolidation channel at $230, which bodes ill for ETH bulls in the long run. Now the nearest support is created by the middle line of a weekly Bollinger Band at $212.00 followed by a critical $200.00 handle. Once it is cleared, the downside pressure is likely to increase traction with the next bearish aim at $190.00 (SMA50 weekly).
While this area is likely to slow down the sell-off, a sustainable move lower will bring $182.00 (SMA100 daily) in focus.
On the upside, we need to see a sustainable recovery above $230-$235 area to mitigate the immediate bearish pressure. This resistance zone is created by a confluence of strong technical indicators including the lower boundary of 1-day Bollinger Band, SMA100 daily and the lower edge of the previous range. It is closely followed by $240.50 with 38.2% Fibo retracement daily on approach. Once it is cleared, the upside is likely to gain traction with the next focus on $250.00 and $275.00 (SMA50 daily and the upper line of the above-said range).
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 recovery above $235 is needed to mitigate the immediate selling pressure.
Ethereum , the […]
LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More
Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More
Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More
- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More
Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More
Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More