Ethereum market update: ETH/USD is eying these levels towards $300
|- Ethereum shallow recovery bites back at the bulls as sellers remain in control.
- ETH/USD formed a weekly high at $183.13 before the current correction set in.
- The path of least resistance is downwards; technical indicators suggest.
Ethereum price is still grappling with acute selling pressure. This is happening despite the shallow recovery from the recent support area at $162. Besides, many analysts, investors, and traders have in the recent past expressed their lack of faith in Ethereum’s performance in the near future.
At press time, Ether is valued at $174 following a bear action from the failed breakout above $180. ETH/USD formed a weekly high at $183.13 before the current correction set in. Both eh 50 Simple Moving Averages and the 100 SMA 1-hour could not cushion the crypto from declines. Moreover, the support (now resistance) provided by the 61.8% Fib retracement level taken between the last drop from $183.13 to a swing low of $156.89 and the trendline did little to help the buyers.
Ethereum is flirting with the 50% Fib retracement level but its immediate upside is limited by the 100 SMA 1-hour. The path of least resistance is downwards; technical indicators suggest. The Moving Average Divergence Convergence is sliding lower below the mean line (0.000) while the visible negative divergence highlights the intensifying sellers’ grip. Also bearish is the Relative Strength Index (RSI) which is almost brushing shoulders with the oversold territory. In the near-term correction above $180 hurdle will establish the foundation for the next leg to $300. For now, Ethereum must ensure $170 support is defeded by all means.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.