Ethereum price analysis: ETH/USD pares gains: $500 threshold in focus
- Ethereum stays above $500, but the upside momentum is waning.
- ETH/USD have the ultimate short-term target at 61.8% Fibo.
Ethereum gained over 30% during the previous week and lost nearly 3% since Asian opening. The second largest cryptocurrency by market capitalization mimics Bitcoin movements, reversing some gains made amid massive bullish run. If it was triggered by US tax deadline effect, then it is over, which means that digital assets need supportive fundamentals to continue the upside.
From the longer-term point of view, ETH/USD stays below key technical area created by 50-EMA (daily chart) at $560 and 61.8% Fibonacci retracement at $570. It is followed by 200-EMA at $600 and 100-EMA at $640, building a strong barrier for ETH bulls on approach to the ultimate long-term pivot $730.00 (50/0% Fibo). The coin needs to have it cleared to break free from a bearish trend.
Ethereum short-term technical picture
Ethereum is trading at $511, below 50-EMA (hourly interval) with the potential to extend the downside towards $500, strengthened by 100-EMA (hourly interval) at $494 and 200-ENA ant $467. On the upside, the coin needs to reclaim $537 (Asian high) with the ultimate target at the above mentioned 61.8% Fibonacci retracement $570.
Author
Tanya Abrosimova
Independent Analyst
