Ethereum price prediction: ETH/USD tested key support near $ 307, what next?
- Reverses half the recovery seen on Saturday.
- The significant confluence support near 307.50 holds for now.
The second most favorite cryptocurrency, Ethereum, fell sharply from the daily high of $ 323. and reversed 50% of Saturday’s recovery to reach daily lows at 307.60, breaching the 200-hourly Simple Moving Average (SMA) at $ 311.51. Over the last hour, the cryptocurrency is seen struggling to extend the bounce above the 200-hourly SMA amid a fresh round selling across the crypto board.
The coin risks a break below the key support near the 307.50 level, where the 50% Fibonacci Retracement Level of the latest rise and upward sloping 50-hourly SMA coincide. A break below the last, the 61.80% Fib at 304.16 could offer some respite to the buyers. A test of the 300 mark remains inevitable on failure to hold the 61.80% support. The bears are seen fighting for control, despite the hourly Relative Strength Index hovering the oversold territory.
Any bullish move will get validated only above the 323-325 levels, allowing the buyers to aim for the next target at 329.63 (daily classic R1). At the press time, ETH/USD trades near 308.80 region, up 2.25% over the last 24 hours and with a market capitalization of $ 32 billion.
ETH/USD, 1-hour chart
Levels to Watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
