• ETH/USD retreats from a multi-month high amid technical correction.
  • The critical support is created by SMA50 weekly at $228.

ETH/USD topped at $272.15 during early Asian hours and retreated to $252 by the time of writing. Despite the setback, ETH is still nearly 20% higher from this time on Wednesday with over 56% of gains on a week-on-week basis. Ethereum is the second largest coin with the current market value of $28.3 billion and an average daily trading volume of $15 billion, which is the highest on record.

Looking technically, ETH/USD is supported by $246.00. This handle is strengthened by the middle line of the 1-hour Bollinger Band. Once it is cleared, the sell-off may continue with the next focus on $240 and further on $237.60, which is the upper boundary of the daily Bollinger Band. Another strong support is created by a confluence of SMA50 weekly and SMA50 daily around $228. The daily RSI (Relative Strength Index) stays in the overbought territory, though there are no clear signals of reversal as of yet.  It means that the price will resume the upside movement once the short-term technical correction is over. 

On the upside, a sustainable move above the recent high of $272.15 will bring psychological $300 in focus. The last time ETH/USD traded above this handle in August 2018. Once it is cleared, the upside is likely to gain traction with the next aim at $379 (SMA100 weekly)

ETH/USD 1-day chart  

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD bounces back, will the bulls hit $10,500?

Bitcoin is trading between the Simple Moving Averages support and resistance. The 100 SMA on the four-hour chart is offering support at $10,149 while on the upside the 50 SMA will limit movement at $10,364.

More Bitcoin News

Ripple has no incentive to dump XRP price - Ripple’s CEO Brad Garlinghouse

Speaking in the interview with CNN, Garlinghouse confessed that Ripple was the largest owner of XRP tokens, and thus the most interested party in the success of the project. Meanwhile, selling XRP onto the market does not qualify as the best success strategy.

More Ripple News

The cryptocurrency market update: Bitcoin consolidates gains, altcoins go nowhere

The cryptocurrency market situation has barely changed in recent 24 hours. Bitcoin and the majority of altcoins out of top-20 managed to recover during late Thursday hours; however, no major breakthroughs happened.

More Cryptocurrencies News

IOTA price analysis: MIOTA/USD bullish after symmetrical triangle breakout

IOTA has defied the broad-based bear pressure to post a subtle 1.3% increase in value on the day. Prior to the impressive correction on Monday, IOTA was consolidating above the short-term support at $0.2350. The initial recovery from the recent low at $0.2268 failed to break the resistance $0.25.

More IOTA News


Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast