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Ethereum, the world’s second-largest cryptocurrency by market cap, has flipped upside after the March market carnage. Currently, crypto assets are the second largest on the market capitalization list, with $26.4 billion in market capitalization over the past 24 hours and $5.3 billion in trading volume. ETH/USD dumped beneath the daily MA 50 ever since the Twitter hack and lost $230 shortly. Ethereum starts a new consolidation in its recovery attempt, while the strong eth/usd price limits reach $240. Eth/usd trades for $234.94 by dialing and was last seen to earn 0.88 percent by day. The pair is down almost 4 per cent over the course of the week. The number of active ether addresses has reached a record level in the last few years. The first half of the year had seen the active address of Ethereum rise by 118 percent while the address of Bitcoin increased by 49 percent as the demand for ETH grew ahead of Bitcoin. Messari, CEO of the data analysis platform, Ryan Selkis stated that there is a lot of demand for smart contract platforms that scale.
*ETH/USD dumped beneath the daily MA 50 ever since the Twitter hack and lost $230 shortly
*Ethereum initiates fresh consolidation in its attempt at recovery, as strong price barrier limits ETH/USD advance to $240
*The first half of the year had seen the active address of Ethereum rise by 118 percent while the address of Bitcoin increased by 49 percent as the demand for ETH grew ahead of Bitcoin
Resistance Levels: $260, $250, $240
Support levels: $230, $220, $206
ETH/USD Daily graphics: Bullish.
A high barrier around the daily MA 50 in the midst of new losses that started on Thursday now limits the rise in Ethereum prices. During the first week of July, the surge to $250 declined to $245. ETH/USD continues to hold support over $230 while exchanging at $234.94. The rebound of the ether in relation to its support is sufficiently strong to break the barrier ma 50 despite the previous retreat.
Ethereum may be viewed to be within a consolidating channel from this phase even though the $230 level has been reached. Bulls can once again climb over the daily limit of 50 and exceed $245 to validate a daily upward trend. From a technical point of view, Ethereum could probably dedicate the week-end to consolidation.
As observed over the 4-hour period, ethereum tries to create a pull on the positive side as the asset continues to follow Bitcoin's price fluctuations closely. To enable short-term technical buying, ETH/USD bulls have to push price back into the market channel, around the $250.00 mark. Downwards purchasers can always be bullish to the eth/usd pair once the price exceeds the support level of $230.00.
In addition, the relative strength index on the 4-hour chart continues to increase above 50, leading to a neutral trend in the short run. The eth/usd pair is bullish only after trading above the $230.00 level, the primary resistance to $250.00 is identified. Once the ETH /USD pair exchanges beneath $230.00, sellers may test the support levels of $220.00 and $200.00.
