Ethereum price analysis: ETH/USD slides under short-term trendline support
|- Ethereum is stuck in a narrow range between $180 and $185.
- The 50 SMA stands in the way of gains while the 100 SMA is in line to offer support.
Ethereum is fighting strongly to stay above $180 support following a boring weekend trading session. The prevailing trend is strongly bearish amid decreasing volatility. ETH correction to $182.04 (intraday high) after opening the day’s session at $181.83. The price has adjusted to the current market value of $181.50 after testing $180.65 (intraday low).
Following the break beneath the trendline support made it hard for the 61.8% Fib retracement level taken between the last high of $199.07 to a low of $152.90 support to stop the losses. Meanwhile, Ethereum is trading between the 50 Simple Moving Average (SMA) on the four-hour chart resistance and the 100 SMA support.
From a technical perspective, Ethereum is likely to continue trading in a sideways trading trend for most of this week. Resurfacing above $185 will be instrumental in the journey towards $200. The sideways ranging trend is currently emphasized by the Relative Strength Index (RSI).
ETH/USD four-hour chart
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