- ETH/USD bulls managed to push the above $225 resistance.
- Strong resistance is created by $230-$235 area.
Ethereum, the second-largest cryptocurrency with the current market capitalization of $24.2 billion, settled above $225.00; however, the further recovery is limited. ETH/USD is moving in lockstep with Bitcoin (BTC) and the rest of the cryptocurrency market influenced mostly by technical and speculative factors. Ethereum has stayed mostly unchanged both on a day-on-day basis and since the beginning of Monday By the time of writing, the coin is changing hands at $226.50.
Ethereum's technical picture
On the intraday timeframe, ETH/USD is supported by SMA50 (Simple Moving Average) coupled with the middle line of Bollinger Bands on 4-hour chart currently at $224.46. Once it is cleared, the sell-off may gain traction with the next focus on $216.70 (the lower boundary of the above-said Bollinger Band).
Meanwhile, next bearish aim comes a psychological $200 followed by $186-$185.50 support area created by a confluence os SMA200 and the lower line of Bollinger Bands on a daily chart.
On the upside, a recovery is capped by the lower line of the previously broken channel at $230. This barrier is closely followed by SMA100 (Simple Moving Average) on a 1-day chart at $236.00. Once it is out of the way, the upside is likely to continue towards on psychological $250.00, followed by ac confluence of the middle line of 1-day Bollinger Band and SMA100 4-hour at $257.00; however, and ultimate resistance comes at $278 with SMA200 3-hour and the upper boundary of the above-said channel making it a hard nut to crack.
ETH/USD 4-hour 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.