Ethereum price analysis: ETH/USD gains 4% on daily basis, but the recovery may bump into 100-DMA
|- Ethereum is moving higher amid positive market sentiments.
- Long-term recovery may be capped by technically important resistance levels.
ETH/USD is changing hands at $541, 4% higher on daily basis. The second largest coin with current market value $54.4B and average trading volumes $1.5B has been growing steadily since it reached $461 low on June 13.
Generally, more positive sentiments support the upside correction, but from the longer-term point of view, Ethereum is still locked within the bearish trend with the first major hurdle at $576 (100-DMA). The coin has been trading below this DMA since the end of May, it capped the recovery in the beginning og June, which eventually led to an extended Ether sell-off. If it is broken, psychological $600 followed by 23.6% Fibo at $652 will come into focus.
From the short-term point of view, everything is great as long as ETH/USD stays above $500. strong growth above $530 is also a positive sign, showing that the recovery is gaining traction. This handle has turned into support level, strengthened by 50 and 100-SMA (30-min chart)
ETH/USD, 30-min 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.