Tanya Abrosimova
Independent Analyst
- A move above $270.00 is needed to improve the technical picture.
- The nearest strong support for the coin is seen at $260.
Ethereum (ETH) has recovered from Tuesday's low of $260 to trade at $268 on Wednesday. The second largest cryptocurrency with the current market capitalization of $28.5 billion is mostly unchanged since the beginning of the day and down 1.5% in recent 24 hours. An average daily trading volume for ETH is registered at $8.4 billion from $5.7 billion this time on Tuesday.
Looking technically, ETH/USD recovery is capped by $269.00 support created by SMA100 (Simple Moving Average) and SMA50 on 1-hour timeframe. It is closely followed by the upper line of 1-hour Bollinger Band and psychological $270.00. We will need to see a sustainable move above this area to get the recovery back on track. Once it is cleared, the upside is likely to gain traction with the next focus on $276 (upper line of 4-hour Bollinger Band).
On the downside, the sell-off is likely to be stopped by new buying orders located on the approach to $260.00. This level stopped the sell-off on Tuesday. However, a sustainable move below this handle will open up the way towards $255.50 (SMA200, 4-hour) and $254.00 (SMA100, 4-hour). The next support is seen at $230 (SMA50, a daily chart).
ETH/USD, 1-hour chart
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
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the Bureau of Labor Statistics (BLS) of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC headstrong as Spot ETF talks reach technical stage
Bitcoin (BTC) price remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.