• A move above $200.00 will improve the short-term technical picture.
  • The significant support is created on approach to 180.00.

The second-largest cryptocurrency with the current market capitalization of $21.4 billion stopped within a whisker of critical $200.00 during early Asian hours. While the coin has retreated to $197.67 by the time of writing, it is still trading with bullish bias/ It means that the coin may resume the upside and ahs another try at $200.00 in the nearest future. ETH/USD has gained over 2.5% on a day-on-day basis and stayed unchanged since the beginning of the day. 

Ethereum’s long-term technical picture

Looking technically, ETH/USD cleared a strong resistance of $194.00. A sustainable move above this barrier created an upside momentum that pushed the price towards psychological $200.00. This area proved to be too strong to be taken out at the first attempt due to strong stop orders on speculative short positions located on approach. However, a sustainable move above this barrier will open up the way to $205.40 (SMA - Simple Moving Average - 200 daily) and $222.00 (SMA200 weekly chart).

On the downside, a former resistance $194.00 has turned into support strengthened by SMA50 daily. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $180.70 created by SMA50 weekly. It is closely followed by the middle line of one-day hour Bollinger Band at $179.60. If it is broken, the downside may continue towards $165.00 (the lower line of one-day Bollinger Band).

ETH/USD, daily 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin (BTC) bulls surrender $8,000, move towards $7,800

Bitcoin (BTC) bulls attempted a recovery but failed to hold the ground above $8,000. A strong sell-off during early Asian hours took the price below the pivotal handle towards the intraday low of $7,869.

More Bitcoin News

NEO price analysis: NEO/USD locked in a range amid growing bearish pressure

NEO, currently the 22nd largest coin with the total market value of $500 million, has gained about 1.2% in recent 24 hours to trade at $7.0 at the time of writing. Since the beginning of Friday, NEO/USD has lost 2.3%. 

More NEO News

Ethereum price update: ETH/USD makes a quick return to $170

Ethereum bears are making a quick return to $170 after the bullish action staged on Thursday failed to successfully target $180 resistance level. It is likely that the crypto market will usher in the weekend sessions in losses. As for Ethereum, the price is teetering at $173.73 amid a strengthening bearish momentum.

More Ethereum News

Litecoin market update: LTC/USD gazes into a bottomless pit

The cryptocurrency market suddenly turned bearish on Friday. Although the Asian session was characterized by intense pressure on support areas, most of the damage has been made during the current European session.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP