Crypto
Home›Crypto›Market Structure›Ethereum stays above its 50-day average, key resistanc…
Ethereum stays above its 50-day average, key resistance around $1,850
Crypto market cap hovered near $2.16T after a dip to $2.13T, as US-Iran tensions boosted the dollar and triggered a risk-off move.
Ethereum has held a more resilient technical profile than most major crypto assets, with the second-largest token trading above its 50-day moving average for the fourth straight day. Action Forex said ETH is moving within the range of recent week highs, and that a consolidation above a former low near $1,850 would strengthen confidence in a sentiment shift.
The outlook is still conditional, however, with Action Forex warning that a failure to regain and hold above the $1,850 level could open the door to a steep decline. The piece also framed the broader market tone as risk-off after the escalation of the US-Iran conflict, which coincided with a strengthening US dollar.
Across the market, total crypto market capitalization remained close to $2.16T after recovering from lows around $2.13T during US trading on Monday and early Tuesday in Asia. Bitcoin briefly dipped below $62K before rebounding to trade near $62.6K at the start of European active hours, while several altcoins posted gains and others fell.
Action Forex also pointed to crypto holdings activity, noting that Bitmine purchased an additional 30,567 ETH for $36 million. That brought Bitmine’s Ethereum reserves to 5.77 million ETH, with the firm’s holdings representing more than 4.8% of total Ethereum supply, according to the article.
Latest closeBitcoin $62,239.12 ▼2.4%|Ethereum $1,773.50 ▼1.8%