Tanya Abrosimova
Independent Analyst
- ETH/USD is range-bound on Thursday amid low trading activity.
- The strong support is created by the broken trendline at $250.
Ethereum (ETH), the second largest coin with the current market capitalization of $26 billion, is changing hands at $244.80, mostly unchanged in recent 24 hours and down 1.3% since the beginning of the day. An average daily trading volume is registered at $8 billion. The coin is most actively traded against BTC and USDT on Ethfinex and Bitfinex.
ETH/USD meets strong resistance at $250, which is created by a broken upside trendline. A layer of speculative sell-orders located on the approach to that handle, may stop the upside correction and trigger a sharp downside correction towards psychological $240.
Once the above-said resistance is cleared, the upside is likely to gain traction with the next focus on $250 (the middle line of 1-day Bollinger Band) and $278 (the upper edge of the said Bollinger Band). May 30 high at $288 will cap the recovery for the time being.
On the downside, a sustainable move below $240 will open up the way towards the next bearish aim of $232 created by the lower edge of 1-day Bollinger Band. This line may stop the sell-off and, probably, will serve as a good starting point for another bull’s leg. Once it is cleared, the downside momentum is likely to gain traction with the next focus on $200.00
ETH/USD, 1-day chart
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