Tanya Abrosimova
Independent Analyst
- ETH/USD is under selling pressure, moving in sync with the market.
- A move above $240 is needed to mitigate the bearish pressure.
Ethereum (ETH) is in bad shape this Monday morning. The second largest cryptocurrency broke $230.00 handle late on Sunday and touched $226.47 lo w before recovering to $233.60 by press time. ETH has lost over 3.5% in recent 24 hours and over 12 in recent seven days.
Looking technically, ETH/USD is vulnerable to the further downside correction as the Relative Strength Index (RSI) on intraday charts points downwards, which means that downside upside potential is not exhausted.
The local support is created by psychological $230.00. Once it is cleared, the sell-off is likely to gain traction with the next focus on $226.47 (the recent low, strengthened by the lower boundary of 1-hour Bollinger Band) A sustainable move below this handle may increase the selling pressure and push the price down not critical $200.
On the upside, a sustainable move above $240 is needed to improve the short-term technical picture. Once it is cleared, the upside is likely to gain traction with the next focus on $243.00. This resistance is created by SMA100 (Simple Moving Average) and the upper boundary of the Bollinger Band on 1-hour chart). The ultimatepsychological barrier is created by $250.00.
ETH/USD, 1-hour chart
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