Tanya Abrosimova
Independent Analyst
- Ethereum (ETH) retreated from the short-term channel resistance.
- A sustainable move $240.00 is needed for the upside to gain traction.
Ethereum (ETH) attempted a recovery above $239 during early Asian hours but retreated to $237.89 by press time. The second-largest coin is locked in a tight range with short-term bullish bias, which means the price may retest the intraday high ahead of the US opening. ETH, the second-largest digital asset with the current market capitalization of $26.6 billion, has gained 1.44% on a day-to-day basis and stayed unchanged since the beginning of the day.
ETH/USD: Technical picture
ETH/USD settled above the local support area created by 200-hour SMA at $237.17. This MA stopped the sell-off ahead of the European opening and may serve as a backstop later during the day. The next support comes at a 50-hour SMA at $236.00. Once it is broken, the sell-off may be extended towards $234.00 (1---hour SMA). The price will recover from this area, but strong upside momentum is unlikely at this stage as the intraday RSI stays flat in the neutral territory.
From the longer-term perspective, a move below $230.00 will open up the way to 100-day SMA100 at $216 and the critical barrier is created by a 200-day simple moving average on approach to $200 level.
On the upside, the local resistance is created by the upper limit of the intraday consolidation channel at $239.00. A sustainable move above this area is needed for the upside to gain traction towards psychological $240.00 and the upper line of the daily Bollinger Band at $248.50 followed by $260.00
ETH/USD 1-hour chart
-637308446520961909.png)
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
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.