- Ethereum failed to break above pivotal $300 level.
- Elon Musk made some crypto related comments on Twitter.
ETH/USD stopped within a whisker of psychological $300 on Tuesday with intraday high registered at $298. The second largest coin has moved to $292 by press time, having lost 1.18% since the beginning of Wednesday, though it is still 2.73% higher on a daily basis. ETH’s market cap is registered at $29.8B, while the average daily trading volume reached $1.4B from $1.3B on Tuesday.
Twitter users discuss Elon Musk’s first comment of Ethereum. Overwhelmed with a flood of messages about blockchain, Ethereum and other digital assets, the world’s famous entrepreneur stated:
“Tt this point, I want ETH even if it is a scam.”
To put it in context, the comment was made in a thread under a comment regarding Twitter’s removal of 486 accounts suspected in using malicious schemes to trick people out of their crypto assets.
Ethereum’s technical picture
ETH/USD cleared 61.8% Fibo retracement weekly and SMA 100 (4-hour chart), creating positive vibes; however, a rejection on approach to $300 suggests that bulls are exhausted and need a pause before another attempt at this critical resistance. Once this area is cleared, ETH might continue the upside towards downside trendline (currently at $344).
On the downside, ETH/USD is supported by SMA50 (1-hour chart) and SMA100 (1-hour chart) at $285 and $280 respectively. Once below, the downside may be extended towards $271 (August 27 low) and $270.
ETH/USD, the daily chart
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