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2 June 2023
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Ethereum Market Update: ETH/USD finds support at daily SMA50

ETH/USD recovered from the local support and settled

ETH/USD is changing hands at $234.00, higher 1.5% since the beginning of Tuesday. In the recent 24 hours, the second-largest digital coin grew by nearly 5% amid the global recovery after Monday’s sell-off. ETH/USD  hit the intraday low at $228.95 before fresh buying interest helped to push it back above $230.00. Despite the recovery, ETH is trading within a short-term bearish trend amid high volatility.  Currently, Ethereum’s market value is registered at $26.0 billion, while an average daily trading volume is $8.6 billion.

ETH/USD: Technical picture

On a daily chart, ETH/USD is supported by psychological $220.00, followed by the daily SM50 at $217.80. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the critical barrier of $200.00. This support is likely to slow down the bears, but once it is out of the way, critical resistance created by a combination of daily SMA100 and SMA200 at $185.00 will come into view. On the upside,  a sustainable move above $240.00 is still needed for the upside to gain traction. Considering that the daily RSI has reversed to the upside, the bulls may have a chance to push their agenda.

ETH/USD daily chart

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