Ethereum Price Analysis: ETH/USD stuck below $130.00 and it's a bad sign for bulls
|- ETH/USD has been moving in a tight range with bearish bias on Sunday.
- An important resistance is created by psychological $130.00.
Ethereum, the second-largest digital asset with the current market value of $14.2 billion, attempted a recovery above $133.00 before retreating below psychological $130.00. The coin has been mostly range-bound during the day after a sell-off late on Friday.
ETH/USD: Technical picture
On the intraday charts, ETH/USD recovery is capped by the middle line of 1-hour Bollinger Band currently at $129.60. It is closely followed by psychological $130.00 and SMA50 1-hour at $130.70. Once the price clears this area, the upside momentum is likely to gain traction with the next focus on $131.60 (the upper line of 1-hour Bollinger Band) and $133.30, which is the highest level reached on Saturday.
On the downside, the first support is created by the lower line of 1-hour Bollinger Band at $128.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on Saturday's low of $125.00 and psychological $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.