Tanya Abrosimova
Independent Analyst
- 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 $22.9 billion hit $215.18 during early Asian hours. While the coin has retreated to $212.40 by the time of writing, the upside momentum remains strong as the coin stays above a critical $200.00. ETH/USD has gained over 7% on a day-on-day basis and grown by 3 since the beginning of the day.
Ethereum’s long-term technical picture
Looking technically, ETH/USD cleared a strong resistance of $200.00. A sustainable move above this barrier created a significant upside momentum that pushed the price towards the highest level in more than a month. The initial resistance is created by the recent high of $215.18, once it is out of the way, $230.00 will come into focus. This barrier is created by SMA100 (Simple Moving Average) daily and the middle line of a weekly Bollinger Band.
On the downside, the initial support awaits us on approach to $205.00. It is guarded by a confluence of SMA100 and the middle line of the Bollinger Band on a daily chart. The former resistance $200.00 has also turned into support. it is followed by SMA50 daily at $194.00. 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.
ETH/USD, daily 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
Two key dates over the SEC request to freeze Binance assets
Crypto exchange Binance must respond to the US Securities Exchange Commission’s (SEC) order to freeze assets tied to its subsidiary Binance.US by June 12, ahead of a court hearing about the case on June 13, according to the D.C. district court schedule.
Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals
The US Securities and Exchange Commission’s (SEC) crackdown on Coinbase led to mass withdrawals of Coinbase wrapped staked Ether (cbETH) since Tuesday, acting as a bearish catalyst for the asset’s price.
Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE
Dogecoin (DOGE) price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.
Axie Infinity price recovery delayed despite investor deposits hitting a five-month high
Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the SEC, the investors have resorted to offloading their holdings for now.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.