• 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP