TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Ethereum market update: ETH/USD bleeding resumes – Possible stop $200

  • Ethereum trims gains as cryptocurrencies shed gains across the board.
  • Technical signals are strongly bearish especially with the RSI diving into the oversold region.
Ethereum market update: ETH/USD bleeding resumes – Possible stop $200
John IsigeJohn IsigeFXStreet

Ethereum is falling once again in the same week after facing rejection from the levels above $230. The recent drop found support at $203giving way for recovery. The price stepped above the 38.2% Fib retracement level taken between the last drop from $280 to a low around $203 before a reversal occurred.

In spite of the upward correction, Ethereum continued to trade under the moving averages with the 50 Simple Moving Average (SMA) hindering recovery.

At press time, Ethereum trimming the gains under $210, which means that the recent support at $203 is under risk of giving in to selling pressure. Technical signals are strongly bearish especially with the Relative Strength Index (RSI) diving into the oversold region.

Also read: Calibra wallet to protect users against fraud: Facebook’s David Marcus at the U.S. Senate hearing

The Moving Average Convergence Divergence (MACD) trend paints a more negative picture in the near-term. The divergence suggests rising selling pressure continued breakdown in the coming sessions. Ethereum bulls must fight to keep ETH/USD above $200 and push it above $230 in order to come out of the bearish zone.

ETH/USD 1-h chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple and Stellar outlook: XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple and Stellar outlook: XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple and Stellar show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages.

Crypto Overview: Bitcoin holds steady, resonates with Gold – ARB, PYTH extend gains

Crypto Overview: Bitcoin holds steady, resonates with Gold – ARB, PYTH extend gains

Bitcoin price hovers above $77,000 on Thursday, losing bullish momentum as its correlation with Gold has risen to nearly 50% over the last 90 days. Arbitrum and Pyth Network recorded double-digit gains over the last 24 hours, emerging as top performers.

Bitcoin holds $63K and $86K range as profit-taking risk builds

Bitcoin holds $63K and $86K range as profit-taking risk builds

Bitcoin's recovery faces growing resistance as the market trades between a major accumulation zone below current prices and a dense concentration of potential supply overhead, according to a Glassnode report published Wednesday.

Robinhood Chain hits record daily fee revenue, boosts Arbitrum

Robinhood Chain hits record daily fee revenue, boosts Arbitrum

Robinhood Chain generated a record $3.75 million in daily fees on Tuesday, making it the third-highest of the day behind Uniswap (UNI) and Pons, according to data from DeFiLlama. The figure marked the network's fourth consecutive day of record daily fee revenue and its highest single-day total since launching its mainnet on July 1.
Bitcoin: Billions in ETF inflows push BTC toward decisive breakout

Bitcoin: Billions in ETF inflows push BTC toward decisive breakout

Bitcoin (BTC) extends gains so far this week, trading near $80,000 after testing the 50-week Simple Moving Average (SMA) at $81,114 earlier. Strong institutional demand is supporting the rally, with spot BTC Exchange Traded Funds (ETFs) on track to record a second consecutive week of billion-dollar inflows.