Ethereum price update: ETH/USD $190 resistance must come down


  • Ethereum unexpectedly engages the reverse gears changing focus from $200 back to 4180.
  • If technical levels remain intact, Ethereum will trend sideways between $184 and $186.

The European session is taking off with cryptocurrencies erasing most of the progress made in the Asian session. Ethereum forged a recovery move to $190 but failed to gather momentum above the 50 Simple Moving Average on the 1-hour chart. Instead, the price has shifted focus from $190 to $180 support area.

In the meantime, Ethereum is valued at $184.99. Pressing down on the price is the 100 SMA. Moreover, the Relative Strength Index shows that the sellers are gaining traction. The Elliot Wave Oscillator has posted a bullish session since the start of the day. If the RSI fails to revers the direction upwards, the oscillator could begin a bearish session likely to send ETH back to $180.

Fortunately for the bulls, a trendline support is in line to offer support. Ethereum has bounced off this support twice and is likely to do the same. It is now apparent that $190 resistance must come down like the tower of Babel for Ether to gain momentum towards $200.

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 & Analysis

Editors’ Picks

Bitcoin regains safe-haven status, moves in sync with gold amid coronavirus scare

Bitcoin (BTC) resumed the upside after a short-lived consolidation period. The first digital currency has gained over 3% of its value in recent 24 hours to trade at $8,620 at the time of writing.

More Bitcoin News

Bitcoin Gold jumped by 30% amid the news of 51% attack

Bitcoin Gold (BTG), now the 35th digital asset with the market value of $200 million, has gained over 14% in the recent 24 hours to trade at $11.82 at the time of writing. 

More Bitcoin Gold News

Ethereum Classic defies gravity with 17% growth

Ethereum Classic, the 11th largest digital asset with the current market capitalization of $1.18 billion, has gained over 14% in the recent 24 hours to trade at $10.17, off the intraday high hit at $10.32. ETC/USD is one of the best-performing assets.

More Ethereum Classic News

Ripple's report reveals a real use case for XRP and other mathor cryptocurrencies

Ripple's XRP, the third-largest digital asset with the current market value of $10 billion, is changing hands at $0.2284, down from the intraday high of $0.2334. XRP/USD has gained over 3.5% in recent 24 hours in line with the global sentiments improvement.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast

BTC

ETH

XRP