- The technical picture across the market is stable with most cryptocurrencies consolidating the shallow gains.
- In the short-term, Ethereum is expected to stay between $290 support limit and $300.
Following the recovery championed by the bulls in the last couple of days from the support $270, Ethereum upside has been limited at $300. The technical picture across the market is stable with most cryptocurrencies consolidating the shallow gains recorded on Wednesday and part of Thursday. Bitcoin is hovering above $11,500 after hitting pause $12,000.
The hourly chart shows trading below the Bollinger Band 1-h Middle. The weak bearish pressure building under this level is supported by both the 50 Simple Moving Average (SMA) and the 100 SMA 1-h. The support at $290 coincides with the Bollinger Band 1-h Lower.
In the short-term, traders can expect Ethereum to stay between $290 support limit and $300 unless an unexpected price action occurs. The Moving Average (MACD) is moving horizontally while holding a position in the positive region. The slightly sloping Relative Strength Index (RSI) shows the apparent bearish pressure limiting gains above $300.
ETH/USD 1-h chart
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