Tanya Abrosimova
Independent Analyst
- ETH/USD has recovered strongly from intraday lows.
- The coin has resumed the upside above $160.00.
ETH/USD managed to recover above $160.00 after a sell-off towards $154.00 on Thursday. The second largest coin is trading at $163.40, gaining 3.7% since this morning. The market is driven by technical factors. Ethereum is moving in sync with the rest of the market.
Interestingly, the creator of Ethereum Vitalik Buterin had a face-to-face argument with a prominent crypto critic Nouriel Roubini about the future of cryptocurrencies.
Ethereum’s technical picture
On the intraday level, ETH/USD is supported by $157.00 with SMA100 (1-hour) located right above this level. The above said SMA served as a good barrier in recent days. Once it is cleared, the downside may gain traction with the next aim at psychological $150.00 followed by $148.08 (SMA200, 1-hour).
On the upside, ETH a sustainable move above $160.00 improved the short-term technical picture. The next resistance is seen at $164.00 strengthened by a confluence of SMA50 (1-hour) and an upper line of 1-hour Bollinger Band
ETH/USD, 1H chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON (TRX), a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked (TVL).
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
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?