- 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.
Read also: Ethereum 2.0 January 3, 2020 launch date remains unconfirmed
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
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

Ripple Price Prediction: Whale accumulation sparks hope as rising exchange reserves signal caution
XRP sustains mid-week recovery as XRP/BTC flashes golden cross for the first time since 2017. Large volume holders increase XRP exposure, indicating rising demand and investor confidence.

Pi Network Price Forecast: PI eyes $0.66 as whale activity surges
Pi Network (PI) declines by nearly 4% on Friday, trading at $0.79 at press time. The technical outlook suggests a downward move ahead as the short-term recovery concludes with a trendline breakdown.

Bitcoin Weekly Forecast: BTC enters full price-discovery mode after seven straight weeks of gains
Bitcoin price stabilizes around $111,000 on Friday after reaching a new all-time high of $111,900 this week. Corporate accumulation, institutional demand, signs of easing regulations and fiscal woes in the US have fueled BTC’s rally.

Jupiter Price Forecast: JUP eyes $0.82 as Fluid backs Jupiter's upcoming lending protocol
Jupiter exchanges announced the upcoming launch of Jupiter Lend, powered by Fluid, on Solana this summer. With the announcement of Jupiter Lend, the JUP token surged 16% in the last 24 hours.

Bitcoin: BTC enters full price-discovery mode after seven straight weeks of gains
Bitcoin (BTC) price stabilizes near $111,000 on Friday after reaching a new all-time high of $111,900 this week. BTC enters an uncharted territory as a perfect storm of corporate accumulation, institutional demand, signs of easing regulation and increasing concerns among investors about debt sustainability in the United States (US) have fueled bullish momentum.