Ethereum is struggling to settle above $148.00, however, with little success so far.
The initial support awaits us at $147.70. It is reinforced by 1-hour 50 SMA and the lower line of 1-hour Bollinger Bands. A clear break here could extend the bearish pressure to the lower line of 4-hour Bollinger Bands at $144.90. Once it is out of the way, the sell-off may continue towards $142 (27th November low) and psychological $140.00.
Once ETH/USD manages to pass an immediate barrier at $148.00 (23,6% Fibo correction on the last fall since 6th Nov.), the upside may be extended towards psychological $150.00 reinforced by a combination of 50 SMA and the upper line of the Bollinger Bands on the 4-hour chart. We will need to see a sustainable move above this area to improve the short-term technical picture.
The Relative Strength Index (RSI) indicator is trending around 37 on the daily chart, next to the oversold zone.
The initial support awaits us at $147.70. It is reinforced by 1-hour 50 SMA and the lower line of 1-hour Bollinger Bands. A clear break here could extend the bearish pressure to the lower line of 4-hour Bollinger Bands at $144.90. Once it is out of the way, the sell-off may continue towards $142 (27th November low) and psychological $140.00.
Once ETH/USD manages to pass an immediate barrier at $148.00 (23,6% Fibo correction on the last fall since 6th Nov.), the upside may be extended towards psychological $150.00 reinforced by a combination of 50 SMA and the upper line of the Bollinger Bands on the 4-hour chart. We will need to see a sustainable move above this area to improve the short-term technical picture.
The Relative Strength Index (RSI) indicator is trending around 37 on the daily chart, next to the oversold zone.
Trade closed: target reached:
All three bearish targets was reached this week. Total taken profit - 720 pips.
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