Tanya Abrosimova
Independent Analyst
- ETH/USD has been moving in a tight range after a recovery from the recent low.
- The daily SMA500 now serves as a local support for the price.
ETH/USD is changing hands at $227.50. The coin has stayed mostly unchanged since the start of the day and gained 1.3% on a day-to-day basis. Ethereum is the second-largest digital asset has the current market value of $25.2 billion and an average daily trading volume of $6.4 billion. ETH/USD tested the high of $249.26 before another bullish wave on the cryptocurrency market pushed it back towards the lower boundary of the recent consolidation channel. The coin hit the low of $216.37 on June 27 and recovered towards $227.50 by the time of writing. The coin has been moving in sync with the market.
ETH/USD: Technical picture
ETH/USD recovered above the daily SMA50 (currently at $225.00). The move has improved the technical picture, however, a sustainable move above $230.00 is needed for the upside to gain traction. Once it is out of the way, the recovery may proceed to $232.00 (the middle line of the daily Bollinger Band) and towards $240.00. This barrier is reinforced by the upper line of the daily Bollinger Band. From the long-term perspective. $250.00 is a key barrier thatserved as an upper boundary of the previous consolidation channel that limited the recovery in the beginning of June.
On the downside, the local support is created by the above-mentioned daily SMA50. Then comes psychological $220.00 and the lowest level of the previous week at $216.37. If the price moves below this area, $200.00 will come into view; however the sustainable decline below this level looks unlikely at this stage.
ETH/USD daily chart
-637291151818606088.png)
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
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.