Tanya Abrosimova
Independent Analyst
- ETH/USD resumes the strong growth after a period of range-bound trading.
- The coin hits a new high of the year, aims at $290.
Ethereum price probe above the top line of the recent consolidation channel at $274 and jumped to $288 in a matter of hours. The coin has retreated to $284 by the time of writing. Despite the correction from the recent high, the coin has gained over 6% in the past 24 hours.
Technical factors created the upside momentum as stop orders on speculative shorts clustered above $274 sent the price soaring. At this stage, it is not clear if the growth is sustainable, or the price will return to the previous range sooner rather than later.
Looking technically, the first support is created by $282, which is the top line of the 1-hour Bollinger Band. Once it is cleared, the sell-off may be extended to $280 and the upper boundary of the broken channel $274.
On the upside, we will need to see a sustainable above $285 to get a chance to retest the recent high of $288 and proceed to $290.
ETH/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Report shows nearly 140 new meme token debuts
April recorded the addition of 138 new meme coins to CoinMarketCap. The actual number could be even higher as analyst Crypto Koryo notes that CoinMarketCap reportedly lists only 10% of all tokens.
XRP close to support at $0.50 as traders digest SEC vs. Ripple lawsuit proceedings
XRP is ranging below $0.53 on Thursday as investors continue to digest the recent developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC).
Fetch.ai Price Forecast: FET unlikely to recover, more downside possible Premium
Fetch.ai price performance in the first quarter was nothing short of magical. The market value of FET rose by 587% between February 5 and March 28, a climb that is now facing exhaustion and could lead to further downside moves.
Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
A Solana-based meme coin Doland Tremp posted over 100% gains on Thursday, before pulling back to $0.6750. The price rally likely occurred after former US President Trump asked pro-crypto voters to vote for him and said his presidential campaign will accept crypto donations.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.