Ethereum (ETH) price analysis: ETH/USD bulls set their eyes on $250.00
|- ETH/USD locked in a range as $250.00 limits the recovery.
- The nearest local support is seen at $231.40.
Ethereum (ETH) has recovered from June, 10 low to trade at $247.80 by the time of writing. The second largest cryptocurrency with the current market capitalization of $26.1 billion has gained about 1% in recent 24 hours and stayed mostly unchanged since the beginning of Tuesday. An average daily trading volume for ETH is registered at $7.5 billion, which is roughly in line with long-term figures.
Looking technically, ETH/USD has been locked in a tight range since June 4 as the market has entered a consolidation phase after a strong sell-off at the beginning of the month.
At this stage, ETH/USD recovery is capped by a psychological $250, followed by the middle line of 1-day Bollinger Band at $254.00. Once it is cleared, the upside is likely to gain traction with the next focus on $268 (the upper boundary of 1-week Bollinger Band) and $277.00 (the upper limit of 1-day Bollinger Band). Then bulls will have to face a strong barrier on approach to $300.00.
The next local support is created by $231.40 (the lower boundary of 1-day Bollinger Band) followed by psychological $230.00. Once it is cleared, the sell-off is likely to extend towards $226.47 (the recent low). A sustainable move below this handle will trigger more selling and push the price down to $217 (SMA50 - Simple Moving Average, daily chart) and psychological $200.00.
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.