- The building bullish momentum is supported by the 100 SMA holding at $230.
- Traders expecting a struggle at $240, $260 support turned resistance, and the supply zone $280.
Ethereum bulls have caused havoc for the traders who had anticipated that the crypto will make an incredible journey breaking above $300. Instead, ETH/USD reversed the trend and turned immediately turned from being the best performing altcoin on the market this to the worst hit coins. Ethereum lost $57 in less than 24 hours from the yearly highs posted at $281 to the intraday low at $224.
Following the incredible performance since Monday, Ethereum investors run to cash in on the profits. A pullback is usually expected after a surge and especially if strong support fails to form. However, pullbacks are not always bad for the asset as it can be used to confirm the bull rally. For example, after Ethereum formed a low at $224, we can see a correction that has already spiked above $230 to the current value at $236.
The building bullish momentum is supported by the 100 Simple Moving Average (SMA) at $230 while the 200 SMA is positioning itself to offer support at around $206.92. The shorter term 100 SMA being above the 200 SMA shows that the buyers still have the energy to defend the support at $220. As far as upside correction is concerned traders can expect a struggle at $240 $260 and the supply zone $280. Technical signals show that the price is trending sideways in the sessions to come between $220 and $240.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?