The Ethereum recovered to the area above $134.00 during early Asian hours, however, the growth proved looks to be unsustainable.
Short-term momentum and trend have a bearish bias, besides the hunt for a probable low is not over. If that is the case the first resistance above is the 25th November low of $131.15. A clear break there could send the price for testing H4 50 and 200 SMAs at 137.90 and $151.
The bearish trend coupled with the high volatility suggested that the downward momentum has the potential to continue. ETH/USD is running closer towards a big $100 return, last seen in February, amid the falling wedge pattern on a daily chart. But before that the bears need to breakout 125.25 (Feb. 2019 high) and psychological $120 support firstly.
What do you think about Ethereum?
Short-term momentum and trend have a bearish bias, besides the hunt for a probable low is not over. If that is the case the first resistance above is the 25th November low of $131.15. A clear break there could send the price for testing H4 50 and 200 SMAs at 137.90 and $151.
The bearish trend coupled with the high volatility suggested that the downward momentum has the potential to continue. ETH/USD is running closer towards a big $100 return, last seen in February, amid the falling wedge pattern on a daily chart. But before that the bears need to breakout 125.25 (Feb. 2019 high) and psychological $120 support firstly.
What do you think about Ethereum?
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✅ JOIN FREE TELEGRAM: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.