Ethereum Market Update: ETH/USD directionless as long as $240.00 stays intact
- 18th June 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
- ETH/USD has been moving inside the range since May 15.
- The critical resistance is created by $240.00.
ETH/USD is changing hands at $232.90. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday amid low trading activity on the cryptocurrency market. ETH/USD hit the intraday low at $234.48, while the low is registered at $232.40. Thus, the coin is stuck in a two-dollar range. On the hsort-term time-frame, ETH is trading within a short-term bearish trend amid low volatility. Currently, Ethereum’s market value is registered at $25.9 billion, while an average daily trading volume is $7.3 billion, unchangedlower from this time on Wednesday.
ETH/USD: Technical picture
On a daily chart, ETH/USD has bene sitting in a tight range in the lower part of the Bollinger Band since Monday, May 15. The upper line of the amove-mentioned BB at $239.30 serves as a local resistance, which is followed by the critical barrier of $240.00. A sustainable move above this level is needed for the upside to gain traction and take the price to next recovery target at $254.00.
However, considering that the daily RSI stays flat, which means that strong directional movements are not likely during the nearest sessions.
On the downside, the initial support comes at psychological $230.00. The next barrier is created by the lower line of the above-said Bollinber Band at $227.30 and psychological $220.00. Once it is put of the way, the sell-off will be extended to the daily SMA50 at $218.50 and potentially to the critical barrier of $200.00. This support will slow down the bears, and attract new buyers to the market.