After the March market chaos, the world’s second-largest cryptocurrency by market cap has moved upside down and is now back above its MA 50 and MA 200. In summary, since the turn of the year, Ethereum has risen over 45 percent. However, during the preceding session, the Altcoin suffered declines and now again ETH/USD rebounds at $225 from its fresh low. ETH has regained from the plunge over the previous 24 hours, posting an intra-day high of $240. According to Vitalik Buterin, Ethereum’s Co-Founder, these million-dollar transaction fees “may” actually be blackmail. Three transactions with exorbitant fees were conducted on Ethereum’s network over the last couple of days. Two of them were initiated from the same sending address, totaling about $2.6 million per transaction, while the third one was from a different address with a lower fee compared to the others.
*However during the preceding session, the Altcoin suffered declines and now again ETH/USD rebounds at $225 from its fresh low
*ETH has regained from the plunge over the previous 24 hours, posting an intra-day high of $240
*Three transactions with exorbitant fees were conducted on Ethereum’s network over the last couple of days
Resistance Levels: $266, $255, $250
Support levels: $230, $220, $206
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Ethereum is attempting to push through the $250.00 level of resistance towards the end of the week, amid the cryptocurrency price reversal of the prior day. A correction back to the support area of $225.00 was accomplished whilst price trades beneath the level of $250.00. A rebound to the upside is now initiated although the high-trading breakout beyond last week may see the medium to long-term return of the ETH/USD pair rallying to the $300.00 level.
The price stays beyond the moving averages, as seen on the daily, and its a sign of a higher bullish impact. The ETH/USD pair is only bullish whilst trading beyond the level of $230.00, the main resistance is seen at the levels of $250.00 and $266.00. If the ETH/USD exchanges beneath $230.00, sellers may test the $220.00 once again, and support the level of $206.00.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Ethereum has lost the 4-hour MA 50 which has crossed bearishly on the time frame. In case of a sudden plunge, the 4-hour MA 200 at $220 already acts as a preemptive support level and is the initial level to defeat for the bears. Besides the MA 50, there isn’t a lot of resistance points towards $250 and this is certainly not the first attempt by the bears to take over.
Moving forward, at the time of this post ETH/USD is still in an uptrend and ETH is above the MA 200 and the market looks for a bull rising beyond the horizontal line of resistance at $240 so bulls can stay on track. The technical picture shows in the near term that Ethereum may hold consolidation beyond $230 initially before major progress comes into effect. RSI beyond 40 confirms the possible consolidation.
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