Tanya Abrosimova
Independent Analyst
- The overall trend is positive as long as the coin stays above SMA200 4-hour.
- RSI implies that the correction is not over.
ETH/USD is hovering at $114.50, gaining nearly 5% since this time on Thursday. The third largest coin with market value $11.9B has seen a strong spike in average trading volumes to over $3M from $2.2B the day before.
Ethereum's technical picture
On the 4-hour chart, ETH/USD reversed from the intraday high reached at $120.85, though it is still trading above critical SMA200 (currently at $113.75). This setup implies that ETH/USD has a good chance to resume the upside recovery and retest the area above $120 handle.
On the other hand, the Relative Strength Index has reversed to the downside, which means that a deeper correction is possible before the upside trend is resumed.
The ultimate short-term support lies with psychological $100.00 level and a cluster of SMA50 and SMA100 (4-hour) at (96.00). A sustainable movement below this area will negate positive forecast as the downside trend will be resumed.
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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.