Ethereum Market Update: ETH/USD finds support at daily SMA50
|ETH/USD recovered from the local support and settled
ETH/USD is changing hands at $234.00, higher 1.5% since the beginning of Tuesday. In the recent 24 hours, the second-largest digital coin grew by nearly 5% amid the global recovery after Monday's sell-off. ETH/USD hit the intraday low at $228.95 before fresh buying interest helped to push it back above $230.00. Despite the recovery, ETH is trading within a short-term bearish trend amid high volatility. Currently, Ethereum's market value is registered at $26.0 billion, while an average daily trading volume is $8.6 billion.
ETH/USD: Technical picture
On a daily chart, ETH/USD is supported by psychological $220.00, followed by the daily SM50 at $217.80. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the critical barrier of $200.00. This support is likely to slow down the bears, but once it is out of the way, critical resistance created by a combination of daily SMA100 and SMA200 at $185.00 will come into view. On the upside, a sustainable move above $240.00 is still needed for the upside to gain traction. Considering that the daily RSI has reversed to the upside, the bulls may have a chance to push their agenda.
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.