Ethereum ETH USD Dominant Trend: Bullish
Resistance Levels: $285, $295, $305
Support Levels: $245, $235, $225
Ethereum (ETH) tried to recover more than $274 on Tuesday but failed to maintain the upward momentum. The second largest cryptocurrency, with a market capitalization of $28.6 billion, has practically not changed in the last 24 hours and has fallen by 2.5% since early Tuesday. The average daily transaction volume for ETH is $5.7 billion, well below $9.7 billion on Monday. On the technical side, ETH/USD outperformed the $265 support created by the lower Bollinger Band limit of 4 hours and almost broke the blue line of the 50-day moving average before buyers retreated. This has obscured the technical image in the short term, but the ETH/USD bulls have the opportunity to recover at $270. This barrier is likely to stop the sale; However, once this course is eliminated, the earning potential is likely to increase, with the next focus at $260 and $265 respectively.
In addition, a lasting movement below this control will generate more sales and lower the price to $245. On the positive side, the rally has a cap of $270, followed by $275 (the intraday maximum). A sustained movement on this control will open the way for the next bullish target of $280 (upper limit of the Bollinger Band of 4 hours). Critical resistance levels also expect ETH/USD bulls to be at $285 and$ 295 (the upper limit of the Bollinger Band) and the most recent at $305. Looking at the chart, Ethereum’s price is clearly struggling to gain momentum above $275 and $280. A successful close above the $280 mark is essential for a strong increase to the resistance levels of $295 and $305. On the other hand, if there is a break below the support of $245, the price should continue to fall in future sessions. The MACD for ETH/USD is progressing slowly in the bearish zone, with negative signs.