Share:
  • ETH/USD has been rangebound with bearish bias after a steady growth on the weekend.
  • The nearest strong resistance for the coin is seen at $278.

Ethereum (ETH) hit $279 on Sunday only to retread below $270 by the time of writing. The second largest cryptocurrency with the current market capitalization of $28.7 billion has lost nearly 1% of its value in recent 24 hours and stayed unchanged since the beginning of Monday. An average daily trading volume for ETH is registered at $9.7 billion, which is much higher from the long-term figures.

Looking technically, ETH/USD recovery is capped by the upper boundary of 1-day Bollinger Band (currently, at $278.73). This barrier stopped the upside on Sunday and triggered the downside correction. Once it is cleared, the bullish trend is likely to gain traction with the next focus on $280.00 and $284 (the upper boundary of 1-week Bollinger Band) and the recent high of $288. That’s where some profit taking on speculative longs may trigger the downside correction before another bullish leg towards $300.

On the downside, the coin is now supported by $256. This barrier is created by the middle line of the 1-day Bollinger Band and closely followed by a series of strong technical levels clustered around $254. They include SMA100 (Simple Moving Average), SMA200 and SMA50 on a 4-hour timeframe. Once it is cleared, the sell-off may be extended towards $252.00 (lower boundary of 4-hour Bollinger Band) A sustainable move below this handle will trigger more selling and push the price down to $230 (SMA50 - Simple Moving Average, daily chart).

ETH/USD, 1-day 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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week

XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week

Ripple (XRP) and Bitcoin (BTC) prices do not show parity. Despite both featuring among the crypto top three, Ripple price is stuck under $0.6500 while Bitcoin has managed to foray north, testing the $38,000 psychological level for the third time in a week.

More Ripple News

FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets

FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets

FTX token (FTT) has jumped 8% following news that a US bankruptcy court of Delaware has allowed the now-defunct cryptocurrency exchange to move forward with a November 6 request.

More FTX News

Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday

Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday

Optimism (OP) price has dropped 5% in the last day, but trading volume is up a stark 15% over the last 24 hours as of press time. The disparity comes amid expectations of more tokens in the OP market relative to what traders are willing to buy at current prices.

More Optimism News

Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model

Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model

Amid the ongoing spot Bitcoin ETFs race, a new player has joined the marathon. Pando Asset AG has become the thirteenth applicant even as the US Securities & Exchange Commission (SEC) continues to engage with prospective issuers.

More Cryptocurrencies News

Three key BTC accumulation levels before ETF approval in January 2024

Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.

Read full analysis

BTC

ETH

XRP