fxs_header_sponsor_anchor

Ethereum Price Analysis: ETH/USD leaves $200.00 behind, targets $250.00

  • ETH/USD has gained over 6% on a day-to-day basis.
  • The next important target is created by weekly SMA200.

Ethereum broke above $200.00 and hit a new high at $210.00. At the time of writing, the coin is changing hands at $209.00 with over 6% of gains on a day-to-day basis. ETH/USD is one of the best-performing altcoins of the day out of top-10. Moreover, it has triggered the strong upside momentum across the market.

ETH/USD: Technical picture 

On a daily chart, ETH/USD has reached the upper line of the daily Bollinger Band, however, there are no signs of reversal so far. The RSI on a daily chart has entered the overbought territory, but it still points upwards, which means the coin may continue moving with the bullish bias. The next major target is created by weekly SMA200 on approach to $250.00. On the downside, the initial support is created by $200.00. If it is broken, the sell-off may continue towards $187.00. This support area is created by a daily SMA200.

ETH/USD daily chart

ETH/BTC tested $0.2600 on Wednesday, but failed to develop the upside momentum. The coin returned to the recent range to trade at $0.0255 by press time. However, the price settled above 61.5%  Fibo retracement for the downside move from February 2020 high, which is a positive signal in the long run. 

ETH/BTC daily 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.