Tanya Abrosimova
Independent Analyst
- ETH/USD is growing strongly on Tuesday.
- The coin is vulnerable to short-term correction.
ETH/USD hit $211.00 during early Asian hours and thus refreshed 2019 high. The second largest coin with the current market capitalization of $21.5 billion has gained 8% in recent 24 hours to trade at $209 by the time of writing. As the bulls’ momentum is gaining traction, the technical situation is very fluid.
From the longer-term perspective, ETH/USD is moving towards SMA50 weekly at $227.00. The coin has been trading below this handle since mid-June 2018. Once it is cleared, the upside is likely to gain traction with the next focus on $379 (SMA100 weekly). However, there are some minor barriers to be overcome before we get there. Namely, psychological $300 may force the bulls to hit a pause button.
Moreover, the coin is deeply overbought, which implies that a short-term correction may be under way. The local support is created by the mid-line of 1-hour Bollinger Band at $198.50, followed by $187.50 (SMA100 1-hour, lower line of 1-hour Bollinger Band).
ETH/USD, 1-hour chart
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