Ethereum market update: ETH/USD bounces off 23.6% Fibonacci support
|- Ethereum bounces off the gradually ascending trendline support.
- Consolidation sets in above $175 following the recovery from the 23.6% Fib level.
Ethereum is bullish on Monday as we inch closer to the end of the Asian session. The intraday chart rates display high volatility levels and a strongly bullish trend. The ongoing action emanates from the support at the 23.6% Fibonacci retracement level with the last swing high of $224.94 to a swing low of $152.50.
This short-term support has been very instrumental especially in stopping the downtrend resumed after Ethereum hit a snag at the 61.8% Fib level (just below $200). The weekend recovery saw Ether make an impressive advance to $180. However, the upside was capped at $177 aided by the 50 Simple Moving Average (SMA) on the four-hour chart.
The Relative Strength Index (RSI) in the same one-hour range hints a possible reversal. The RSI had recovered above 50 but failed to hit levels past 56. The widening gap between the 50 SMA and the 100 SMA puts emphasis on the growing bears’ grip. The 38.2% Fib level is a barrier that must be cleared in order to allow focus on higher levels heading to $200.
ETH/USD one-hour chart
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