Ethereum, the world’s second-largest cryptocurrency by market cap, has flipped upside after the March market carnage. Presently the crypto asset is second on the Coinmarketcap list, with a market cap of $26.4 billion over the past 24 hours and trade volume of $5.3 billion. ETH/USD dumped beneath the daily MA 50 ever since the Twitter hack and lost $230 shortly. Ethereum initiates fresh consolidation in its attempt at recovery, as strong price barrier limits ETH/USD advance to $240. ETH/USD is exchanging at $234.94 while composing and was last seen gaining 0.88 percent on the day. The pair is down nearly 4 percent over the week. The number of active Ether addresses reached an all-time high lately. The first half of the year had seen the active address of Ethereum rise by 118 percent while the address of Bitcoin increased by 49 percent as the demand for ETH grew ahead of Bitcoin. Messari, CEO of the data analysis platform, Ryan Selkis stated that there is a lot of demand for smart contract platforms that scale.
*ETH/USD dumped beneath the daily MA 50 ever since the Twitter hack and lost $230 shortly
*Ethereum initiates fresh consolidation in its attempt at recovery, as strong price barrier limits ETH/USD advance to $240
*The first half of the year had seen the active address of Ethereum rise by 118 percent while the address of Bitcoin increased by 49 percent as the demand for ETH grew ahead of Bitcoin
Resistance Levels: $260, $250, $240
Support levels: $230, $220, $206
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
A high barrier around the daily MA 50 amid fresh losses that began on Thursday now limits the Ethereum price upside. In the first week of July the push to lift to $250 lost momentum at $245. ETH/USD continues to hold support over $230 while exchanging at $234.94. Ether’s rebound from its support is strong enough to breach the MA 50 barrier despite the earlier retreat.
Ethereum may be viewed to be within a consolidating channel from this phase even though the $230 level has been reached. Bulls may once more ascend beyond the daily MA 50 and breach $245 to validate a daily uptrend. Ethereum may probably spend the weekend session on consolidation from a technical standpoint.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
As observed on the 4-hour time frame, Ethereum is attempting to create traction on the upside as the asset continues to track Bitcoin’s price swings tightly. To enable short-term technical buying, ETH/USD bulls have to push price back into the market channel, around the $250.00 mark. Dip-buyers still can be bullish towards the ETH/USD pair once price trades beyond the support level of $230.00.
The Relative Strength Index on the 4-hour chart, furthermore, keeps rising beyond 50, leading to a near-term neutral trend. The ETH/USD pair is only bullish once trading beyond $230.00 level, the main resistance at $250.00 is identified. Once the ETH /USD pair exchanges beneath $230.00, sellers may test the support levels of $220.00 and $200.00.
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