Connect with us

Hi, what are you looking for?



Ethereum bears hit the pause button as ETH/USD recovers above $167.00

  • A move above $200.00 is needed negate the recent sell-off.
  • The significant support is created on approach to 150.00.

The second-largest cryptocurrency with the current market capitalization of $17.8 billion has been moving down in sync with the market. At the time of writing, ETH/USD is hovering around $167.70, off the recent low touched at $155.62.  The coin has lost nearly 17% on a day-on-day basis and stayed unchanged since the beginning of Wednesday.

Ethereum’s long-term technical picture

Looking technically, ETH/USD needs to recover above $170.00 to mitigate the initial pressure and proceed towards the next short-term barrier created by the middle line of one-hour Bollinger Band at $172.50. Once it is out of the way, the upside is likely to gain traction with the next focus on $191.00. This barrier is created by a confluence of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on one-hour chart. The critical resistance awaits the bulls on approach to psychological $200.00.

On the downside, a retreat towards the recent low of $155.62 will worsen the short-term technical picture and increase the downside pressure on the coin. The next bears’ target comes at $150.00, which is the lowest level since April. It is followed by the lower line of weekly Bollinger Band at $142.50.

ETH/USD, a one-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.

Source fxstreet


Copyright © 2020 Elevenews