Ethereum price analysis: ETH/USD bears dent critical support area, more pain ahead


  • ETH/USD bears push the price into the previous consolidation channel.
  • The next support is created by a confluence of technical indicators at $230.

Ethereum, the second largest cryptocurrency with the current market capitalization of $28.9 billion, has been consolidating losses after a steep decline on Thursday. At the time of writing, ETH/USD is changing hands at $269.31, down nearly 5% in recent 24 hours and mostly unchanged since the beginning of Friday.

Ethereum's technical picture

A sustainable move under $280 bodes ill for ETH bulls in the short run; the longer-term picture also looks worrisome as the price broke below SMA50 (Simple Moving Average) on a daily chart (currently at $276), coupled with the upper boundary of the previous consolidation channel. Unless the price returns above $276-$280 resistance area in the nearest future, the sell of will gain traction with the next bearish focus as low as $230. This support is created by the lower boundary of the said range and SMA100 daily.

On the upside, $300 is the area level to be cleared for a sustainable recovery. This psychological level is strengthened by the middle line of 1-day Bollinger Band, SMA100 4-hour and packed with short-term speculative orders. ETH bulls are likely to have a hard time making their way above this barrier. However, once this happens, the upside momentum will gain traction with the next focus on  $329 (the upper edge of the 4-hour Bollinger Band) closely followed by $331 (the upper edge of the 1-day Bollinger Band).

ETH/USD, 1-day 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

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum price analysis: ETH/USD hovers above $220; upside capped at $230

Ethereum momentum hit a snag at $230 following the impressive recovery witnessed yesterday from the support at $205. ETH/USD has spent most of this week’s trading sessions battling to shake off the selling pressure. 

More Ethereum 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

BTC

ETH

XRP