- ETH/USD’s recovery stopped on the approach to the psychological level.
- The critical support is created by the lower line of daily Bollinger Band.
Ethereum, the second largest cryptocurrency with the current market capitalization of $31.8 billion, has recovered from the recent low of $271 to trade at $296.10 by press time. The coin has gained over 7% on a day-on-day basis and 2% since the beginning of Wednesday’s trading. However, the upside momentum is fading away on approach to the critical resistance $300.00.
From the short-term perspective, a sustainable move above $300.00 will create favorable technical conditions for further recovery with the next focus on $312.60 (the upper boundary of 4-hour Bollinger Band) and $332.00 (the upper edge of 1-day Bollinger Band).
The way to the North is a bit more crowded with the initial support at the upside trendline currently at $286.00, followed by the recent low of $276.00, Once it is cleared, the sell-off is likely to gain traction with the next focus on $274.86, which is the lowest level of June 27, and $270.30 (SMA50, daily chart). The critical barrier awaits at $252.14 (the lower boundary of 1-day Bollinger Band) and $240.00.