Ethereum Higher, Stalls at 50-day MA

Ethereum continues on strong foot for fifth consecutive session reaching the first resistance at 50-day moving average. As of writing, ETH trades 2.29% higher at 193.88 as the recent positive momentum is intact. ETHUSD tests today the 50-day moving average the first hurdle on the upside as the technical outlook remains bearish for the medium term. On the downside, first support for Ethereum stands at 189 daily low and then at 172 the low from September 2nd,  followed by the low from May 6th at 158, while a convincing break below can lead the price down to 145 the low from April 25th. On the upside, immediate resistance for Ethereum now stands at 195.77 today’s high, while more selling pressure will be met at 204.58 at the 50 and day moving average.

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Ethereum market capitalisation stands at 20.99 billion with the trading volume today reaching 6.6 billion. Bitcoin trades at 10,289 with a market cap at 185.8 billion and Litecoin – LTC trades at 70.47 with a market cap at 4.5 billion. The 100 biggest cryptocurrencies market capitalization holds above 267.7 billion.Download our latest quarterly market outlook for our longer-term trade ideas.

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