Ethereum price analysis: ETH/USD recovery stalls on approach to $156.00

By November 29, 2019Ethereum
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  • ETH bulls failed to push the price above $ 156.00.
  • The upside momentum may start fading away at this stage.

Ethereum, the second-largest digital asset with the current market value of $16.6 billion, has recovered from Wednesday's low of $141.40 to trade at $152.40 by press time. The coin has gained over 4.5% on a day-to-day basis and stayed unchanged since the beginning of Thursday.

Ethereum new supply dropped 7% from 12 600 ETH to 11 800 ETH, while the time of block discovery increased to 15 seconds, according to All in all, in November, Ethereum inflation dropped by 13%.

Ethereum's technical picture

On the daily charts, ETH/USD created a bottom at $132.48 on November 25 and has been growing ever since. However, the recovery momentum has faded away on approach to psychological $156.00 reinforced by the upper boundary of the 4-hour Bollinger Band. Once it is cleared, the upside is likely to gain traction with the next focus on $159.00-$159.40 resistance area, which includes the lower line of the previous consolidation channel, SMA10 (Simple Moving Average) daily and the upper line of 1-hour Bollinger Band.

On the downside, the initial support is created by psychological $150.00, with 38.3% Fibo retracement daily located on approach. A sustainable move below this handle will increase the downside pressure with the next aim at $136.70 ( the lower line of the daily Bollinger Band) and the recent low of $132.48.

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The upside momentum may start fading away at this stage.

Ethereum, the second-largest digital asset with the […]

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