Tanya Abrosimova
Independent Analyst
- Ethereum is moving higher amid positive market sentiments.
- Long-term recovery may be capped by technically important resistance levels.
ETH/USD is changing hands at $541, 4% higher on daily basis. The second largest coin with current market value $54.4B and average trading volumes $1.5B has been growing steadily since it reached $461 low on June 13.
Generally, more positive sentiments support the upside correction, but from the longer-term point of view, Ethereum is still locked within the bearish trend with the first major hurdle at $576 (100-DMA). The coin has been trading below this DMA since the end of May, it capped the recovery in the beginning og June, which eventually led to an extended Ether sell-off. If it is broken, psychological $600 followed by 23.6% Fibo at $652 will come into focus.
From the short-term point of view, everything is great as long as ETH/USD stays above $500. strong growth above $530 is also a positive sign, showing that the recovery is gaining traction. This handle has turned into support level, strengthened by 50 and 100-SMA (30-min chart)
ETH/USD, 30-min chart
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