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  • Ethereum bulls set their eyes at $260 handle.
  • The support at $200 is well protected by buying interest.

The second-biggest digital currency by market value surged as much as 3.2% on a daily basis to trade at $223 by the time of writing. The coin has recovered from Sunday’s low reached at $207 amid generally positive trend on the cryptocurrency market; however, the upside movement lacks momentum, which means that some rangebound trading may be in store.  

Ethereum has the market value of $22.7B with the average daily trading volume is registered at $1.48B. However, on September 13, ETH’s volumes hit the highest level since July 18  this year amid strong recovery from multi-month lows. Strong buying interest may mean that ETH/USD has bottomed out so far, while the recovery above $200 handle is sustainable enough.

Ethereum’s technical picture

On the intraday level, ETH/USD is supported by SMA50 (1-hour) at $217, which is closely followed by SMA100 at $212. Meanwhile, the critical support is created by psychological $200, strengthened by SMA200 (1-hour). This area is likely to attract new buyers, though a sustainable movement lower will trigger aggressive selling, opening the way to the recent lows at $166.76.

On the upside, bulls aim at $260 level, created by the downside trendline from May 5 high; however, they will have to pass $233 (SMA100, 4-hour) first.  

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