• ETH/USD experienced a sharp growth in Asia. 
  • Intraday RSI implies the continuation of the upside momentum. 

Ethereum (ETH) recovered from yesterday’s low of $166.87 to trade at $174.80 at the time of writing. The second largest coin rose sharply during Asian hours and touched the area above $176.00 before the speculative positioning pushed in back below $175.00. 

Looking technically, ETH/USD struggles to settle above $175.00 handle, despite some positive momentum visible on the intraday charts. Once this barrier is out of the way, the recovery may be extended towards $178.00 and $179.50 strengthened by the upper boundary of 4-hour Bollinger Band. Meanwhile. psychological $180.00 separates us from the recent high of $184.00 touched on May 7. 

On the downside, ETH/USD is supported by $170.00 followed by $168.15 (SMA50, 4-hour). A sustainable move lower will expose $166.30 barrier created by 38.2% Fibo retracement and $165.50 (lower boundary of 4-hour Bollinger Band. 

Considering that the intraday Relative Strength Index (RSI) has reversed to the North, the further intraday growth looks likely.  However, a lot will depend on general sentiments on the cryptocurrency market.

ETH/USD, 4H 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


Recommended Content

Editors’ Picks

VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC

VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC

Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.

More Bitcoin News

Ethereum Classic price sets for a rally following retest of key support

Ethereum Classic price sets for a rally following retest of key support

ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.

More Ethereum News

Celebrity meme coins lose their shine

Celebrity meme coins lose their shine

Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.

More Cryptocurrencies News

Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit

Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit

Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation. 

More Ripple News

Bitcoin: Will BTC manage to recover from recent market turmoil?

Bitcoin: Will BTC manage to recover from recent market turmoil?

Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.

Read full analysis

BTC

ETH

XRP