Ethereum Market Update: ETH/USD directionless as long as $240.00 stays intact
|- ETH/USD has been moving inside the range since May 15.
- The critical resistance is created by $240.00.
ETH/USD is changing hands at $232.90. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday amid low trading activity on the cryptocurrency market. ETH/USD hit the intraday low at $234.48, while the low is registered at $232.40. Thus, the coin is stuck in a two-dollar range. On the hsort-term time-frame, ETH is trading within a short-term bearish trend amid low volatility. Currently, Ethereum's market value is registered at $25.9 billion, while an average daily trading volume is $7.3 billion, unchangedlower from this time on Wednesday.
ETH/USD: Technical picture
On a daily chart, ETH/USD has bene sitting in a tight range in the lower part of the Bollinger Band since Monday, May 15. The upper line of the amove-mentioned BB at $239.30 serves as a local resistance, which is followed by the critical barrier of $240.00. A sustainable move above this level is needed for the upside to gain traction and take the price to next recovery target at $254.00.
However, considering that the daily RSI stays flat, which means that strong directional movements are not likely during the nearest sessions.
On the downside, the initial support comes at psychological $230.00. The next barrier is created by the lower line of the above-said Bollinber Band at $227.30 and psychological $220.00. Once it is put of the way, the sell-off will be extended to the daily SMA50 at $218.50 and potentially to the critical barrier of $200.00. This support will slow down the bears, and attract new buyers to the market.
ETH/USD 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.