- 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.