Ethereum price analysis: ETH/USD hangs on a thread at $300; what’s next?
|- Ethereum is holding on to the gains on Friday ahead of the weekend session.
- Expect Ethereum to stay above $300 supported by the recovering RSI trend.
There is calm across the market after a selloff that wiped over $70 billion off the market in less than 24-hours. The dust is currently settling for Ethereum as well in the wake of the devastating fall from highs above $360. The second largest crypto explored levels close under $280 before finding support at the 38.2% Fib retracement level taken between the last swing high of $364 and as wing low of $226.
Meanwhile, a recovery from the weekly low has stepped above the $300 hurdle. However, the upside is limited by the 50 Simple Moving Average (SMA) 4-h. Moreover, the 100 SMA is offering support at $285.
The current picture on the market is both negative and positive with Ethereum struggling to hold to the subtle 1.8% gain on Friday. The investors are looking forward to a positive end of the week. Looking at the Moving Average Convergence Divergence (MACD), the bears are still present. In fact, the still wide divergence suggests increasing selling pressure. On the flipside, the RSI is correcting upwards strengthening the momentum. Above all, I expect Ethereum to stay above $300 in the coming sessions.
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