Ken Chigbo
Independent Analyst
- The Ethereum price made a spectacular recovery on Thursday, jumping some 10% in the session.
- ETH/USD received decent buying around Wednesday’s low sub $170, after being consistently hammered by the bears.
- Next major near-term challenge will be for a firm break back above the $200 mark.
The Ethereum price saw a large rally on Thursday, jumping around 10%, after receiving some decent at the very back end of Wednesday. It appeared a bottom was not seen in sight across the crypto market, but to a large surprise, given all indicators looked bearish, chunky volume and upside was seen.
ETH/USD price action had formed a bearish pennant formation, of which the price slipped out of, dropping to the lows on Wednesday at $167.82. This was the lowest the price has traded since September 2017.
Technically, as clearly displayed momentum is with the bulls currently for ETH/USD. There could be some immediate resistance seen at the 9th September high, $208, further to the upside seen at $220 a consolidation area on 7th September, before added selling pressure came into play. Demand zone is seen not too far below, just sub $190.
ETH/USD 4-hour 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
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?