Ethereum price analysis: ETH/USD consolidates gains ahead of a new rally
|- ETH/USD retreated from the intraday high amid technical correction.
- The Ethereum's recovery may be extended to $300.00.
ETH/USD retreated from the intraday high of $272 to trade at $269.22 by the time of writing. The second largest digital asset with the current market capitalization of $28.5 billion and an average daily trading volume over $10 billion has gained 8% in recent 24 hours moving in sync with the rest of the market.
Ethereum's technical picture
On the intraday charts, ETH/USD is hovering above the top line of 4-hour Bollinger Band. Once the price returns within the Band, the downside correction may gain traction with the next focus on psychological $250.00. This barrier is strengthened by the confluence of technical indicators, including SMA50 4-hour and the middle line of the above-said Bollinger Band. Once it is cleared, the sell-off is likely to continue with the next aim at $240 (the lower edge of the 4-hour Bollinger Band), closely followed by $236 (the rising trendline).
On the upside, we will need to see a sustainable move above $270 and $272 (the recent high) this handle will open up the way towards the next bullish aim of $280 (the current high reached on May 16). The ultimate resistance is created by psychological $300. Last time ETH/USD traded above this handle int the end of August 2018.
ETH/USD, 4-hour 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.