- A move above $195.80 is needed to mitigate the bearish pressure.
- The significant support is created by a confluence of technical indicators below $186.00.
The second-largest cryptocurrency with the current market capitalization of $20.6 has recovered from Sunday’s low of $182.96 and hit the intraday high at $194.20 during early Asian hours. The coin has gained nearly 3% on Monday and stayed unchanged on a day-on-day basis. At the time of writing, ETH/USD is hovering marginally above $191.00
Ethereum’s technical picture
Looking technically, a sustainable move above $190.00 bodes well for ETH bulls. This area strengthened by SMA100 (Simple Moving Average) on a 1-hour chart serves as an initial support level that might slow down the downside correction from the intraday high. However, a sustainable move below this handle will open up the way towards $189.40 (SMA50 1-hour) and $188.90 (the middle line of 1-hour Bollinger Band). Critical support lies with $185.60 (the lower line of 4-hour Bollinger Band). Once below, the sell-off may gain traction with the next focus on the recent low of $182.96.
On the upside, the initial resistance is created by a confluence SMA50 4-hour and SMA200 1-hour on approach to psychological $192.00. We will need to see a sustainable move above this zone for the upside to gain traction. The next resistance is created by the upper line of the 4-hour Bollinger Band and SMA100 4-hour at $195.80.
ETH/USD, 4-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.