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29 September 2023
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Ethereum Price Analysis: ETH/USD resumes the recovery, still capped by $400.00

  • ETH/USD recovered from the intraday low, but the upside momentum is still limited.
  • The upside momentum may be short-lived as the RSI on 4-hour chart points downward.

Ethereum’s ETH stopped the sell-off on approach to $387.00. At the time of writing, ETH/USD is changing hands at $391.00, down over 4% since the start of the day. Notably, the second-largest digital asset has been moving in sync with the market, mostly influenced by Bitcoin’s bearish move that took the first cryptocurrency below $11,500.

ETH/USD 1-hour chart

On the intraday charts, the price moved back inside the Bollinger Band, while the RSI has started the reversal. It means that the downside momentum is fading away, while the market is ready for another recovery attempt with the first important target created by psychological $400.00. Once it is out of the way, the upside is likely to gain traction with the next focus on the intraday high of $410 reinforced by 1-hour SMA200 and the upper line of the 1-hour Bollinger Band located on approach.

ETH/USD 4-hour chart

On the four-hour chart, the RSI still points downwards, while the price is capped by the middle line of the 4-hour Bollinger Band at $395.00.  A sustainable move above this area is needed for the upside to gain traction, otherwise $370.00 will come into focus. This local support is created by 4-hour SMA200.

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