Ethereum market update: ETH/USD is eying these levels towards $300


  • Ethereum shallow recovery bites back at the bulls as sellers remain in control.
  • ETH/USD formed a weekly high at $183.13 before the current correction set in.
  • The path of least resistance is downwards; technical indicators suggest.

Ethereum price is still grappling with acute selling pressure. This is happening despite the shallow recovery from the recent support area at $162. Besides, many analysts, investors, and traders have in the recent past expressed their lack of faith in Ethereum’s performance in the near future.

At press time, Ether is valued at $174 following a bear action from the failed breakout above $180. ETH/USD formed a weekly high at $183.13 before the current correction set in. Both eh 50 Simple Moving Averages and the 100 SMA 1-hour could not cushion the crypto from declines. Moreover, the support (now resistance) provided by the 61.8% Fib retracement level taken between the last drop from $183.13 to a swing low of $156.89 and the trendline did little to help the buyers.

Ethereum is flirting with the 50% Fib retracement level but its immediate upside is limited by the 100 SMA 1-hour. The path of least resistance is downwards; technical indicators suggest. The Moving Average Divergence Convergence is sliding lower below the mean line (0.000) while the visible negative divergence highlights the intensifying sellers’ grip. Also bearish is the Relative Strength Index (RSI) which is almost brushing shoulders with the oversold territory. In the near-term correction above $180 hurdle will establish the foundation for the next leg to $300. For now, Ethereum must ensure $170 support is defeded by all means.

ETH/USD 1-hour chart

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD regains $36,000 inside two-week-old triangle

BTC/USD rises to $36,158, up 0.55% intraday, during early Wednesday’s trading. The famous cryptocurrency pair recently reversed from $35,654 while staying inside a symmetrical triangle established since Jan 04.

More Bitcoin News

Chainlink price hits new all-time high target at $23.7 and aims for $30

Chainlink was trading inside a daily ascending parallel channel before a massive breakout on January 15 that pushed the digital asset to its new all-time high of $23.7. After a brief consolidation ...

More ChainLink news

Ripple primed for another leg down after Coinbase officially suspends it for trading

XRP was hit hard when the SEC decided to sue Ripple. Since then, the digital asset has crashed and lost close to 60% of its value. Several prominent exchanges announced they would halt XRP trading on their platforms including Coinbase.

More Ripple News

Ethereum explodes targeting record highs at $2,000, crypto bull cycle on track

Ethereum seems to have stolen Bitcoin’s spotlight, leading the cryptocurrency price action. The pioneer altcoin is up 13% in 24 hours after hitting above the former January peak at $1,350. For now, all eyes are glued on Ethereum’s ability to hit new all-time highs.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP