- ETH/USD bears are celebrating victory as the coin trades below SMA100 daily.
- A recovery above $235 is needed to mitigate the immediate selling pressure.
Ethereum, the second largest cryptocurrency with the current market capitalization of $24.4 billion, has recovered about 3% of its value in recent 24 hours to trade at $227.50 by the time of writing. ETH/USD has recovered from the recent low of $202.80, though the upside momentum is limited so far as the cryptocurrency market has entered a consolidation phase after wild gyrations of the weekend.
Ethereum's technical picture
On the daily chart, ETH/USD touched $234.28 during early Asian hours; however, the bulls faced a stiff resistance created by SMA100 (Simple Moving Average) and the lower boundary of the previous consolidation channel located marginally above $230. We will need to see a sustainable move above $230-$235 area to mitigate the immediate bearish pressure.
Once it is cleared, the recovery is likely to gain traction with the next focus on $240.50 barrier strengthened by 38.2% Fibo retracement daily on approach. The next resistance comes at psychological $250.00 and $275.00 (SMA50 daily and the upper line of the above-said range).
On the downside, the nearest support comes at $22.60 (the lower line of 1-hour Bollinger Band), followed by $212.00 (the middle line of 1-week Bollinger Band). Once it is passed, the recent low of $202.80 and psychological $200.00 will come into focus.
This area is likely to create a recovery impulse; however, a sustainable move lower will bring $190 and $183.30 (SMA100 daily) into view.
ETH/USD 1-day chart
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
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.