- A move above $320.00 will take us to uncharted territory.
- The significant resistance is created SMA100 daily on approach to $200.
The coin has recovered from Monday’s low of $294 to trade at $313.30 by the time of writing. The second largest cryptocurrency with the current market capitalization of $33.2 billion and an average daily trading volume of $7.9 billion has gained nearly 3% in recent 24 hours and stayed unchanged since the beginning of Tuesday.
Ethereum’s technical picture
Looking technically, a sustainable move above $315.00 (the upper line of 4-hour Bollinger Band) will help to unleash Ethereum’s bullish potential and push the price towards the next upside target $320. Basically, we are entering uncharted territory for the ETH with the next strong barrier created by SMA100 weekly at $381. Once it is cleared, $400.00 will come into view.
On the downside, the critical support lies at $300. The coin needs to stay above this handle to retain positive stance. If it is broken, the sell-off may be extended towards $250.00 with SMA50 (Simple Moving Average) 1-day located on approach. The next support awaits us at $222 (the lower line of 1-day Bollinger Band) and $204 (SMA100, daily).
ETH/USD, 1-day chart