Crypto Market Facing Directionless Mundane Trading: Ethereum Hits Key Hurdles

• Crypto trading activity sustains in spite of the widespread consolidation lead by Ethereum and Bitcoin.
• Ethereum holding on to minor gains above $270: Recovery will be an uphill task.

The crypto market almost motionless trend says that cryptocurrencies are entering into a consolidation phase ahead of the weekend trading sessions. In spite of the consolidation, trading activity across the board seems to be going on as usual. The market capitalization continues to rise from $284 billion at the close of the session on Wednesday to $288 billion at press time as per the data on Coincheckup.

Ethereum is currently battling to stay above $270 after retreating from yesterday’s high at $272.76 (on Coinbase). Prior, to the retreat, the second largest digital asset staged a recovery from $260. The support at $260 was essential in providing solace after ETH/USD tested $280 following the Bitcoin driven surge over the weekend.

ETH/USD 1-h chart

Meanwhile, Ethereum is changing hands at $270.25 at press time following a 0.21% recovery on the day. The recovery has hit key hurdles to the upside starting with Wednesday high at $272.76. According to the current status of the technicals, the upward correction will be an uphill task for Ethereum bulls. The Relative Strength Index (RSI) recovery from the levels at 30 fizzled out short of 70 giving way for an ongoing retracement at 54. However, if the RSI manages to stay above the average, we could see an upward correction in the price in the coming sessions today.

ETH/USD will have to clear the resistance at $275 for a correction to $280 which is the current key hurdle. Trading above $280 will allow the buyers to focus on $300 in the medium-term.

On the downside, the immediate support lies with the 100 Simple Moving Average (SMA) 1-h currently at 269.70. The 100 Exponential Moving Average (EMA) is also in a position to offer support at $267. If these levels are cleared Ethereum will be facing the next support area at $260. Extended losses will seek for a cushion at $250 and $230 respectively.

Also Read: Bitcoin [BTC] Flag Pattern Aims $11000, But are the Bull Exhausted? Analysts Weigh-in

Ethereum Key Technical Indicators

Trendline: Clearly shows an up trending Ethereum market.

RSI: Above the average; could be grounds for gains in the short-term.

100 SMA: Immediate support.

EMA100: Support above the trendline.

Summary

Article Name

Crypto Market Facing Directionless Mundane Trading: Ethereum Hits Key Hurdles

Description

Crypto trading activity sustains in spite of the widespread consolidation lead by Ethereum and Bitcoin.
Ethereum holding on to minor gains above $270: Recovery will be an uphill task.

Author

John Isige

Publisher Name

Coingape

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