Ethereum Price Analysis: Is $230 ETH/USD’s last shot at a bullish reversal?


  • Ethereum price seeks balance as price dives towards $230.
  • Coinbase's Coinbase Wallet now supports Ethereum Name Service.

The bloodshed in the cryptocurrency market has started to send jitters among investors and crypto enthusiasts. The losses across the board remain vaguely unexplained especially with the Coronavirus fast becoming a global pandemic. One would expect that cryptocurrencies would continue to gain traction in such disastrous natural, geopolitical and economic circumstances.

Meanwhile, Ethereum failed to hold tentative support identified yesterday at $250. Instead, the bulls lost balance allowing the bears to exert more pressure, sending ETH/USD to $235 (intraday low). Trading activities on Wednesday have remained bearish with Ethereum having shed off 3.5% in value by the end of the Asian session. Besides, charts and rates table shows a bearish bias trend amid high volatility.

Coinbase Wallet now supports Ethereum Name Service

In a tweet sent out on February 26, Coinbase says that its Coinbase Wallet has extended support to Ethereum Name Service. The support will ensure that ETH users are able to send their payments to a wallet address that is human-readable instead of the usual hexadecimal address. In other words, users will get the feel of sending funds to an email address as opposed to scrambled strings of text. Note that the address will only function in this way if the user has the address registered with Ethereum Name Service (ENS). At the moment about 133,000 ETH addresses are registered with ENS compared to the total 88 million ETH addresses in existence.

Ethereum price technical update

Ethereum price has managed to pull upwards from the intraday low to trade at $239 at the time of writing. However, the sellers are generally in charge. Moreover, the RSI’s dip into the oversold region while still maintaining a downward slope suggests that ETH/USD reversal would not be forthcoming in the coming sessions. The momentum indicator doubles down on the ongoing selling pressure and emphasizes that the path of least resistance is to the downside.

With the downward movement slowing down, one is left wondering if $230 could be the support ETH has been searching for and, therefore, a bullish reversal is around the corner. If that is the situation, traders should be on the lookout for the RSI’s recovery from the oversold coupled with good volume levels, which could eventually send ETH/USD back in the bullish zone above $260.

ETH/USD 1-hour 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP