• ETH/USD has been recovering after a sharp sell-off on Monday.
  • Important resistance is created by psychological $134.00.

Ethereum, the second-largest digital asset with the current market value of $14.4 billion and an average daily trading volume of $11 billion, managed to recover above $131.00 after a sell-off towards $124.17 during early Asian hours. Despite the upside momentum, the coin is still locked in a range. 

With just over 4% ETH accounts in the money now, ETH/USD may be vulnerable to further losses unless it breaks above the upper boundary of its short-term channel. As over 500K of ETH addresses have their break-even point around $134.00, Ethereum bulls might find it hard to make their way above this level.

ETH/USD: Technical picture

On the intraday charts, ETH/USD recovery is capped by $133.00. This resistance is created by a combination of SMA100, SMA200 and the upper line of the Bollinger Band on the 1-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on the above-said $134.00 and $140.00. The next resistance comes at $142.00, which is the highest level since March 27.

On the downside, the first support is created by psychological $130.00, followed by SMA50 1-hour at $129.60. Once it is out of the way, the sell-off is likely to gain traction with the next focus on Asian low of $124.17 and psychological $120.00.

ETH/USD 1-hour 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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle (PENDLE) price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Pendle News

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum shows signs of a potential rally as suspected Justin Sun wallet buys heavily

Ethereum's (ETH) recent price movement hints at a potential rally despite ETH ETPs recording outflows. The recent price improvement follows the fourth Bitcoin halving and a suspected Justin Sun wallet purchasing large numbers of ETH.

More Ethereum News

Floki poised for growth after listing on Revolut

Floki poised for growth after listing on Revolut

Floki's (FLOKI) team announced in an X post on Monday that the meme coin would be listed on the popular neobank and Fintech platform Revolut. Floki could rise further following key partnerships to boost retail usage.

More Floki News

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter DEX second Launchpad vote concludes, JUP price rises 5%

Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

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? 

Read full analysis

BTC

ETH

XRP