- ETH/USD recovered small portion of weekly losses on Saturday.
- $400 aligns as critical resistance for Ethereum in short-term.
After losing 6.7% on Friday, Ethereum (ETH/USD) extended slide on Saturday and touched its lowest level in nine days at $379.50. Following that drop, the pair staged a rebound in the second half of the day and closed with a gain of nearly 2%. However, the pair failed to climb above $400 and started to erase Saturday's recovery gains. As of writing, the pair was down 1.65% on a daily basis at $389.10.
Ethereum technical outlook
Ethereum closed the second straight day below the 20-day SMA on Saturday and the Relative Strength Index (RSI) on the daily chart is testing 50, suggesting that sellers are looking to remain in control of the price action.
On the downside, $365 (Fibonacci 38.2% retracement of late-July to mid-August uptrend) could be seen as the next important support ahead of $340 (Fibonacci 50% retracement) and $325 (100-day SMA). Resistances, on the other hand, are located at $400 (psychological level/Fibonacci 23.6% retracement), $405 (20-day SMA) and $420 (August 20, 21 high).
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
Breaking: PayPal enables buying and selling of cryptocurrencies in 2021
PayPal will offer the ability to shop using cryptocurrencies like BTC, ETH, BCH, and LTC starting in early 2021 in more than 26 million merchants around the world. Customers will also be able to purchase cryptocurrencies directly through PayPal.
Dash Price Analysis: DASH explodes after bouncing up from 50-day SMA
After crossing the $100-barrier on August 7, DASH fell to $6.50 on September 23. Since then, the privacy coin has gone up to $75.50, as of writing. Dash had earlier jumped from $67.30 to $75 this Monday before facing rejection at ...
XRP approaches a critical resistance level that could push it 15%
It seemed that XRP was left behind as Bitcoin continued climbing towards and above $12,000. However, in the past 24 hours, the digital asset has risen from $0.242 to a high of $0.255.
EOS Price Prediction: EOS on the cusp of a significant bullish breakout
EOS, like the rest of the market, is heavily bullish and has gained around $120 million in market capitalization over the past 24 hours with $2 billion in trading volume. The digital asset seems ready for ...
Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind
Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000.