Ethereum market update: ETH/USD forming a higher low pattern despite the retracement

  • Ethereum grounds to a halt above $180 with the upside capped at $182.
  • All technical indicators suggest continued sideways trading in the coming sessions.

Ethereum has remained relatively stable in a wide range between the resistance at $186 and the support at $174. Unfortunately, the stability is taking place following a three month-long lower correction from highs around $362 in June. If a recovery above $200 lags a while longer, Ethereum investors will start getting worried.

Meanwhile, the cryptoasset is trading at $180.89 on Saturday. The hourly chart shows the price above the short-term Simple Moving Averages. The 50 SMA is offering support at $180 while the 100 SMA at $179.48.

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Ethereum’s immediate upside is limited at $182 although it has a current market value of $181.01. The Moving Average Convergence Divergence (MACD) is holding the position in the positive region. As long as the horizontal movement continues, Ethereum has the potential to stay within a narrow range between $180 and $182 in the coming weekend sessions.

ETH/USD 1-hour chart

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