Ethereum (ETH) price analysis: ETH/USD breaks above $300 enters the overbought territory

  • A move above $300.00 has improved the technical picture.
  • The next significant resistance is created SMA100 weekly at $381.

Ethereum hit $315.31 high during early Asian hours and retreated to $308.68 by the time of writing. The second largest cryptocurrency with the current market capitalization of $33.5 billion on of the best performers of the day with over 9% of gains on a day-on-day basis and 6% higher since the beginning of Saturday. 

An average daily trading volume for ETH is registered at $10.5 billion, which is twice as much as on Friday. ETH/USD has hit the area above $300 handle for the first time since August 2018.

Ethereum’s technical picture

Looking technically, a sustainable move above $300.00 has improved the technical picture significantly; however, the coin is deeply overbought on intraday timeframes, which heightens the probability of the downside correction with the initial support at $300.00 If it is cleared, the sell-off may be extended towards $290.00 with SMA50 (Simple Moving Average) 1-hour and the lower line of 1-hour Bollinger Band located on approach. The next barrier awaits us at $260.00 (SMA100 and SMA200 on 4-hour timeframe).

On the upside, we are in uncharted territory with the next strong barrier created by SMA100 weekly on approach to $381. A sustainable move above this  handle will open up the way towards the next bullish aim of $400.00

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Chart Analysis: Symmetrical triangle breakout to power BTC/USD above $9700

BTC/USD has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels. 

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast