- ETH/USD has lost over 7% in the recent 24 hours.
- The sell-off may be extended towards psychological $200.00.
Ethereum tumbled below $240.00 barrier during early Asian hours on Thursday. The second largest digital asset with the current market capitalization of $25.1 billion has lost over 7% of its value in recent 24 hours and touched $233.75 low amid global sell-off on the cryptocurrency market. The coin is driven mostly by technical factors and speculative sentiments.
Ethereum's technical picture
ETH/USD should return above $240.00 handle as soon as possible to mitigate the immediate downside pressure. However, a stronger resistance awaits the price in $248.00-$249.00 area. A cluster of technical barriers there includes the middle line of 4-hour Bollinger Band, Simple Moving Average (SMA)50 4-hour and 23.6% Fibo retracement of the upside move from April 25 low. Once it is cleared, the upside is likely to gain traction with the next focus on $251.50-$252 (SMA50 and SMA100 1-hour).
On the downside, a sustainable move below $230 will increase the downside pressure and take the price to as low as $210.80 (middle line of 1-day Bollinger Band). This barrier is followed by psychological $200.00, where new buyers should join the market and initiate the recovery.
BEST BROKERS TO TRADE CRYPTO
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.