Tanya Abrosimova
Independent Analyst
- Ethereum lost 4.5% on a daily basis as the upside recovery proved to be short-lived.
- The next support comes at $445.
Ethereum, the seconds largest coin by market value, is changing hands at $457 after peaking at $487 on Monday. Obviously, the upside recovery has petered out on approach to psychological $500 handle.
Lack of momentum attracted new sellers, as a consequence, the coin dipped back below the long-term sloping trendline currently at $470. Being a critical resistance level, strengthened by 100-SMA (4-hour chart).
ETH/USD is down 4.5% on a daily basis and down 1% since the start of the day. Ethereum's market value amounts to $46., while the average daily trading volume settled at $1.6B. Both volatility and trading activity are subdued during Asian hours.
From the long-term perspective, ETH/USD stays close to 78.6% Fibo retracement level at $460; if it is broken to the downside, the selling pressure will increase. The next bearish aim is registered at $445 (50-SMA, 4-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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin 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?
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?