- ETH/USD is under pressure as the psychological $150.00 is broken.
- The upside momentum may continue fading away at this stage.
ETH/USD dropped to $147.14 during early Asian hours before recovering to $148.60 by press time. The second-largest digital asset, with the current market value of $16.1 billion, has stayed unchanged on a day-to-day basis and lost 1.7% since e the beginning of Monday, moving in sync with the market.
Ethereum's technical picture
On the intraday charts, ETH/USD created a local top at $158.00 (November 29). Unable to clear the resistance, the coin retreated to the area below $150.00). If the price fails to recover above this psychological barrier any time soon, we may see an extended decline towards $140.00 and $132.50 (November 25 low). This support is followed by $131.50 (the lower line of the daily Bollinger Band).
On the upside, once above $150.00, the price may develop a sustainable recovery towards $152.00 ( the middle line of 4-hour Bollinger Band) and $157.50 (the upper border of 4-hour Bollinger Band). Meanwhile, the ultimate resistance is created by the lower boundary of the previous consolidation range at $158.00. This area served as a support line until it was broken on November 22.
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The upside momentum may continue fading away at this stage.
ETH/USD dropped to $147.14 during early Asian […]