- Ethereum is stuck in a narrow range between $180 and $185.
- The 50 SMA stands in the way of gains while the 100 SMA is in line to offer support.
Ethereum is fighting strongly to stay above $180 support following a boring weekend trading session. The prevailing trend is strongly bearish amid decreasing volatility. ETH correction to $182.04 (intraday high) after opening the day’s session at $181.83. The price has adjusted to the current market value of $181.50 after testing $180.65 (intraday low).
Following the break beneath the trendline support made it hard for the 61.8% Fib retracement level taken between the last high of $199.07 to a low of $152.90 support to stop the losses. Meanwhile, Ethereum is trading between the 50 Simple Moving Average (SMA) on the four-hour chart resistance and the 100 SMA support.
From a technical perspective, Ethereum is likely to continue trading in a sideways trading trend for most of this week. Resurfacing above $185 will be instrumental in the journey towards $200. The sideways ranging trend is currently emphasized by the Relative Strength Index (RSI).
ETH/USD four-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 50 SMA stands in the way of gains while the 100 SMA is in line to […]