Ethereum (ETH) price analysis: ETH/USD bulls have to clear $320 barrier
|- A move above $320.00 will take us to uncharted territory.
- The significant resistance is created SMA100 daily on approach to $200.
The coin has recovered from Monday’s low of $294 to trade at $313.30 by the time of writing. The second largest cryptocurrency with the current market capitalization of $33.2 billion and an average daily trading volume of $7.9 billion has gained nearly 3% in recent 24 hours and stayed unchanged since the beginning of Tuesday.
Ethereum’s technical picture
Looking technically, a sustainable move above $315.00 (the upper line of 4-hour Bollinger Band) will help to unleash Ethereum’s bullish potential and push the price towards the next upside target $320. Basically, we are entering uncharted territory for the ETH with the next strong barrier created by SMA100 weekly at $381. Once it is cleared, $400.00 will come into view.
On the downside, the critical support lies at $300. The coin needs to stay above this handle to retain positive stance. If it is broken, the sell-off may be extended towards $250.00 with SMA50 (Simple Moving Average) 1-day located on approach. The next support awaits us at $222 (the lower line of 1-day Bollinger Band) and $204 (SMA100, daily).
ETH/USD, 1-day 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 views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.