- ETH is bullish as long as it stays above SMA50 weekly.
- The first recovery target is set at $270.
Ethereum retraced from the recent high of $280.17 reached during the previous week and settled at $253.50 by the time of writing. The second largest digital asset with the current market value of $27 billion and an average daily trading volume of $11 billion has gained 1.4% since this time on Sunday, though it is still down 2.5% since the beginning of Monday.
Ethereum's technical picture
While ETH/USD has lost some ground, it is still above the upper boundary of weekly Bollinger Band ($227) and SMA50 weekly (currently at $221), which creates a positive technical environment and implies that the coin retains bullish potential in the long run. The weekly RSI (Relative Strength Index) also points upwards in confirmation of the bull's case scenario.
A sustainable move below the said support area will open up the way towards psychological $200, strengthened by SMA100 (4-hour), followed by $180.00 with DMA50 located marginally above this level.
On the upside, the coin needs to regain $270 barrier (Sunday's high and an upper boundary of the 1-day Bollinger Band) to resume the upside trend with the next aim at $280. Once it is cleared, the upside is likely to gain traction with the next focus on critical $300.
BEST BROKERS TO TRADE CRYPTO
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.