Ethereum price has edged lower in Friday’s session; a trend that is observable in other cryptocurrencies. For instance, the leading crypto by market capitalization – Bitcoin – is currently at $47,647.94 after hitting a high of $49,568.35 on Thursday. However, the boost from a hawkish Fed policy wasn’t enough for it to hit the crucial level of $50,000.
In comparison, Ethereum is still below the key zone of $4,250. In the ensuing sessions, the digital currencies will likely remain under pressure.
ETH has eased after pulling back from Thursday’s high. In the previous session, it hit an intraday high of 4119.92 before pulling back. At the time of writing, it was up by 0.17% at 3,964.03.
On a four-hour chart, Ethereum price is trading long the 25-day EMA and slightly below the 50-day EMA. Besides, it is still below the long-term 200-day EMA.
While I hold a bearish bias, the crypto will likely remain subject to heightened volatility in the short term. In the ensuing sessions, the range between 4,119.92 and 3,889.36 will be one to look out for.
A move above the range’s upper border will give the bulls an opportunity to retest the psychologically crucial level of 4,250. However, to hit the target, there will need to be enough momentum to push Ethereum price past the 200-day EMA at 4,176.55. On the flip side, a decline past the horizontal channel’s lower border will likely place the support zone at 3,750.
This post was last modified on %s = human-readable time difference 06:12