- Ethereum piece is struggling to stay above the 38.2% Fib even as the bears tighten their grip.
- Reversal is in the offing as signaled by the Elliot Wave Oscillator.
Ethereum bulls joined the weekend tur of war tussle with the bears. Their efforts were rewarded by a significant recovery from $177 of Friday to levs within a whisker of $187. The push towards $190 lost strength on testing the barrier provided by the 61.8% Fib retracement level taken from the last swing high at $191.89 to a swing low of $177.16.
The second-largest crypto has, however, started the new week on a negative strum exploring the levels towards $182. The 50 SMA on the 1-hour chart failed to hold along with the 100 SMA. Possible support has been spotted at $182 above the key support area at $180.
The Relative Strength Index (RSI) is heading towards the oversold after piercing through 50 (the average). Elliot Wave Oscillator bearish session has spilled into the new week. However, this suggests that a reversal is around the corner.
ETH/USD 4-hour chart
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