• ETH/USD may have a hard time with a recovery above $200.00.
  • COVID-19 will have an indirect influence on the market.

Ethereum (ETH) is changing hands at $197.70, down 1.4% since the beginning of the day and -2.65% on a day-to-day basis. The second-largest digital asset with the current market capitalization of $21.7 billion attempted a recovery above $200, but failed to hold the ground moving in sync with the broader market. 

ETH/USD: Technical picture

From the short-term point of view, ETH/USD bulls may have a hard time trying to push the price of $200.00 in a sustainable way as there are a lot of technical barriers clustered above the current price. Thus strong resistance is created by a confluence of SMA50 and the middle line of the Bollinger Band on a 1-hour chart on approach to $200.50. It is followed by the upper line of the 1-hour Bollinger Band at $204.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $212.00 (SMA100 1-hour).

Meanwhile, the way to the South is practically clear. The initial support is created by the lower line of 1-hour Bollinger Band below the current price. It is followed by the recent low of $190.17 and the lower line of 4-hour Bollinger Band at $186.20.

ETH/USD 1-hour chart


Ethereum developers at risk

As the FXStreet previously reported, TorusLabs Dapp creator Zhen Yu Yong (Zen) was diagnosed with COVID-19. However, at the end of February and on the beginning of March he attended  ETHLondon hackathon and Ethereum Community Conference (ECC). Considering that the virus is highly contagious, the participants of both events should “take extra precaution.” 

While this case is unlikely to produce a direct influence on ETH price movements, the sentiments may worsen due to increased panic and fear of further virus spread. Let's see if projects start canceling conferences and events in the wake of COVID-19 outbreak.
 


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


Recommended Content

Editors’ Picks

Bitcoin eases ahead of key Federal Reserve decision on interest rates

Bitcoin eases ahead of key Federal Reserve decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve (Fed), which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Why US citizens can’t participate in airdrops: Top house republicans ask SEC Chair Gary Gensler

Why US citizens can’t participate in airdrops: Top house republicans ask SEC Chair Gary Gensler

Crypto market participants in the United States are excluded from airdrops for legal reasons. Airdrops occur when crypto projects distribute their tokens to holders in a free or discounted manner, sending them directly to their wallet address or inviting eligible users to claim these crypto assets. 

More Cryptocurrencies News
DUSK price set for a rally after finding support around key level

DUSK price set for a rally after finding support around key level

Dusk (DUSK), a Layer 1 blockchain protocol that brings classic finance and real-world assets (RWA) on-chain, recovers initial weekly losses and recaptures the $0.210 level, up 5% in the day on Wednesday. 

More Cryptocurrencies News
Binance addresses WazirX and Zettai accusations on the July hack

Binance addresses WazirX and Zettai accusations on the July hack

The WazirX team and Nischal Shetty continue to mislead customers about a $230 million hack in July, according to Binance. On Tuesday, crypto exchange Binance addressed “inaccurate and misleading statements” from Zettai and WazirX regarding Binance.

More Binance News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP