- ETH/USD retreated from the intraday high, but the long-term trend remains bullish.
- The Ethereum’s recovery may be extended to $300.00.
ETH/USD retreated from the recent high of $279.60 and retreated to $270.22 by the time of writing. The second largest digital asset with the current market capitalization of $28.7 billion and an average daily trading volume over $11 billion has stayed mostly unchanged in recent 24 hours, consolidating gains of the previous days.
Ethereum’s technical picture
On the intraday charts, ETH/USD is supported by the middle line of 4-hour Bollinger Band currently at $262. Once it is broken, the downside correction may gain traction with the next focus on psychological $250.00 with the Simple Moving Average (SMA)50 located on approach. The next support at $240 is created by a confluence of technical indicators, including SMA100 4-hour and the low line of the above-said Bollinger Band. Once it is cleared, the sell-off is likely to continue with the next aim at $236 (the rising trendline).
On the upside, we will need to see a sustainable move above $279 (the recent high) and the psychological $280. The ultimate resistance awaits us at $300. Last time ETH/USD traded above this area at the end of August 2018.
ETH/USD, 4-hour chart