Tanya Abrosimova
Independent Analyst
- ETH/USDerclaimed ground above $121.00 handle.
- The ultimate resistance is seen at $125.50.
ETH/USD reclaimed $121.00 after a short-lived dip to $118.12. The second largest coin with the market value of $12.6B is consolidating gains after a steady growth at the end of the previous week.
Ethereum is moving together with the market as there is no critical fundamental news that might have influenced price momentum.
Meanwhile, the Ethereum network has seen the reduction of new coins created daily. This is a result of a difficulty bomb activated ahead of the upcoming Constantinople upgrade.
ETH/USD daily confluence detector
- ETH/USD daily confluence detector reveals several support areas below the current price:
- $118.00 - DMA5, 23.6% Fibo retracement weekly, Pivot Point 1-day, Support 1.
- $117.00-$116.70: Lower boundary of the Bollinger Band on 4-hour chart, Pivot Point 1-day Support 2
- $114.30 - 38.2% Fibo retracement weekly
- $112.50 - SMA50, 4-hour, SMA200 1-hour, Bollinger Band 1-day middle.
On the upside, there are three resistance areas:
- Above the current price up to $123.00 - host of SMA levels, Bollinger Band 1-hour Middle, 23.6% Fibo retracement daily, 38.2% Fibo retracement daily.
- $124.30 - Bollinger Band 4-hour Upper, 61.8% Fibo retracement daily, previous week high.
- $125.50 - DMA50, 38.2% Fibo retracement monthly.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.