Ethereum market update: ETH/USD rebounding from $280 support

  • Ethereum joins Bitcoin in fresh declines on Monday.
  • Recovery back above $300 will not be easy according to the prevailing technical picture.

Ethereum in tandem with Bitcoin price is leading the market in declines on the first day of the month which also happens to be the first day of this week’s trading. Bitcoin broke below $11,000 and is exploring the levels towards $10,000 while Ethereum declines to retest $280 support.

Despite the brief flash drop, I expect Ethereum to rebound above $90 just as quickly as it dropped to $280. However, correction above $300 will not be an easy one according to the current technical picture.

The Relative Strength Index (RSI) has touched the oversold at 30. The gradual recovery means that selling pressure is still high. The same negative signals can be read from the Moving Average Convergence Divergence (MACD) on the 1-h chart. The indicators divergence south shows that bear pressure is outdoing buying pressure at the moment.

ETH/USD 1-h 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BTC/USD revives the uptrend – Steps above $9,500

BTC/USD trading pair appears to have found support above $9,000. A rebound from the support has pulled above $9,500 amid a building bullish momentum across the market. 

More Bitcoin News

Ripple price analysis: XRP/USD defends falling wedge support; breakout still lingers

Ripple continued to press against key support areas yesterday. The downside momentum was augmented by the broad-based selling pressure in the market. As discussed yesterday, the upside was capped at $0.32 while XRP/USD sustained above $0.30. 

More Ripple News

Litecoin price analysis: LTC/USD breaks trendline resistance

Litecoin has is reacting in the same way as other cryptos in the wake of the acute losses recorded yesterday. LTC/USD extended the losses below $100 which further squeeze through the next target. 

More Litecoin News

Bitcoin Cash market update: BCH/USD edges its way towards $300

Bitcoin Cash is revamping the uptrend after falling victim to selling pressure for the second time in the same week. The initial drop towards the end of the last week culminated in a dive under $300 on Monday this week. 

More Bitcoin Cash News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast