Tanya Abrosimova
Independent Analyst
- ETH/USD settled above critical $200 after massive price gyrations on Monday.
- Fidelity news failed to impress the market so far.
Ethereum, the second largest coin by market value, retraced from Monday's high touched at $232 and settled at $212 by press time. ETH/USD is down 1.5% in the recent 24 hours. Ethereum’s current market value is $21.5B, while the average daily trading volume has spiked to $2B from Monday's $1.2B.
What's going on
News that Fidelity Investment is about to launch a new division that will provide trading services for Ethereum and Bitcoin failed to impress the market so far. Obviously, traders are trying to come to get their breath after a volatile Monday with head-spinning growth that saw the total cryptocurrency market capitalization spike to $222B followed by a speedy decline.
Read more about Fidelity's new crypto venture.
Ethereum’s technical picture
ETH/USD settled above a critical $200 handle, which can be regarded as a positive signal. Currently, the price stays in a tight range, limited by $218-$220 congestion zone on the upside and $205-$200 on the downside. The above said resistance is created by SMA100 and SMA200 (4-hour), enhanced by 38.2% Fibo retracement level. Once cleared, the upside may be extended towards $227-$232 congestion zone.
On the downside, a sustainable movement below $200 will trigger more sell-off with the first bearish target at October 11 low of $186 with very little in terms of supports below current price level.
ETH/USD, 4-hour chart
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