Ethereum Price Analysis: ETH/USD spikes to $131.00 amid low liquidity

By December 22, 2019Ethereum
Click here to view original web page at
  • ETH/USD has recovered from the recent lows, still below $130.00
  • A sustainable move above $130.00 will improve the technical picture.

Ethereum jumped to $130.98 on Sunday, gaining over 2% of its value in a matter of hours. By the time of writing, the second-largest cryptocurrency exchange retreated to $128.70 and entered a consolidation phase.

While the reasons for a sudden increase remain unknown, experts tend to believe that low liquidity market conditions take their toll. From the technical point of view, a sustainable move above $130.00 will help to create additional bearish momentum and pave the way to an extended recovery towards $134.85 (December 18 high that stopped the previous recovery attempt). Once it is out of the way, the upside is likely to gain traction with the next focus on $140.00. This psychological barrier is reinforced by the middle line of the daily Bollinger Band. Also, it served as a support level in mid-December, before it was broken during the previous week.

On the downside, a sustainable move below $127.70 ( SMA50 (Simple Moving Average) 1-hour) will worsen the short-term technical picture and bring $126.00 back into focus ( the lower line of the daily Bollinger Band) Once $126.0 is cleared, the sell-off may be extended towards $120.00.

ETH/USD 1-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 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.

Cryptos feed

A sustainable move above $130.00 will improve the technical picture.

Ethereum jumped to $130.98 on Sunday, gaining […]

Leave a Reply