TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Ethereum Price Analysis: ETH/USD bulls stop short of $200.00, the upside momentum remains strong

  • ETH/USD has resumed the recovery on Sunday.
  • Critical barrier $200.00 is within reach, may be taken out after a short correction.
Ethereum Price Analysis: ETH/USD bulls stop short of $200.00, the upside momentum remains strong
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst


After a short period of consolidation, ETH/USD resumed the recovery. The second-largest digital asset stopped within a whisker of $200.00 and reversed to the downside. At the time of writing, the coin is changing hands at $198.50 amid a strong bullish trend. ETH/USD has gained 2% since the beginning of the day and 1.3% in the recent 24 hours

ETH/USD: Technical picture

On the intraday charts, ETH/USD is ripe for the downside correction as 1-hour RSI reversed to the North from the overbought territory. The price returned to the area below the upper line of the 1-hour Bollinger Band and may extend the correction towards $195.00. This local support is created by the middle line of the 1-hour Bollinger Band. If it is broken, the sell-off may continue towards 1-hour SMA50 at $192.60 and $190.00.

On the upside, ETH has a chance to retest $200.00. Once this psychological barrier is out of the way, the recovery is likely to gain traction with the next focus on weekly SMA100 at $21 and SMA200 on approach to psychological $250.00. 

ETH/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.