- ETH/USD consolidates the bounce from four-day lows on Saturday.
- $164 is the level to beat for the ETH bulls.
- RSI on hourly sticks trades flat at the midline.
Having witnessed a steep sell-off on Friday, Ethereum (ETH/USD) is consolidating the recovery from a four-day low of 152.48 so far this Saturday’s quiet trading. The spot remains stuck in a $5 range, as the bulls await a fresh impetus to extend the recent leg higher. The second-most traded cryptocurrency eroded almost $12 a day before, having rallied as high as $170.29 before settling at $158.10. The coin did manage to reverse a part of the previous losses but the rebound could likely gain traction only above the 164 level.
At the time of writing, Ethereum is up nearly 1.80% around 161.00, enjoying a market capitalization of about $ 17.70 billion.
Short-term technical outlook
As observed in the hourly chart, the no. 2 coin has recovered half the Friday’s decline, with the bulls now facing exhaustion at the 50% Fibonacci Retracement of the slump. The buying interest will pick up pace should the price break through the latter. The next resistance is aligned around 164.00 levels, the intersection of the critical 61.8% Fib and the bearish 5-hourly Simple Moving Average (HMA). A reversal from Friday’s troughs will likely resume only on an hourly closing above the abovementioned supply area, opening doors for a test of the horizontal 100-HMA barrier at 167.27.
At the moment, the hourly Relative Strength Index (RSI) is trading neutral at the midline, suggesting a lack of clear directional bias. A breach of the immediate support of the 38.2% Fib at 159.55, will pave the way for a test of the flatter 21-HMA at 158.60 and through that the daily low of 158.05. The next support awaits the confluence of the upward sloping 200-HMA and 23.6% Fib around 156.90
ETH/USD 1–hour chart
ETH/USD key levels to consider
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.