- ETH / USD recovered from intraday low, but upside momentum is still limited.
- The upward momentum may be short lived as the RSI on the 4-hour chart is trending lower.
Ethereum ETH stopped selling as it approached $ 387.00. At the time of writing, ETH / USD is changing hands at $ 391.00, down more than 4% since the start of the day. Notably, the second largest digital asset has moved in sync with the market, primarily influenced by the bearish move in Bitcoin which took the first cryptocurrency below $ 11,500.
1 hour ETH / USD chart
On the intraday charts, the price moved back inside the Bollinger Band as the RSI started the reversal. This means that the downward momentum is waning, while the market is ready for another attempt at a rally with the first major target created by psychological $ 400.00. Once cleared, the upside should gain ground with the next focus on the intraday high of $ 410 bolstered by the one-hour SMA200 and the upper one-hour Bollinger Band line at the approach.
4 hour ETH / USD chart
On the four-hour chart, the RSI is still pointing lower, while price is capped by the midline of the 4-hour Bollinger Band at $ 395.00. A sustained movement above this area is required for the rise to gain ground, otherwise $ 370.00 will be tuned. This local support is created by the 4 hour SMA200.