Ethereum Price Analysis: ETH/USD has to decide where from here
- ETH/USD is paralyzed in a tight range amid growing market uncertainty.
- An important bearish target is created by psychological $130.00.
Spot rate: $136.42
Relative change: -2.04
Percentage change: -1.47%
Trend: Bullish bias
Volatility: Expanding
Ethereum, the second-largest digital asset with the current market value of $15 billion, the tested area above $142.00 before retreating to the current levels. The coin is locked in a tight range; however, the bullish momentum has been gaining traction ahead of the US opening.
ETH/USD: Technical picture
One-hour RSI points upwards, which means that the bullish potential is growing. The initial resistance is created by psychological $140.00 with the upper line of 1-hour Bollinger Band located above this area. Once it is out of the way, the upside is likely to gain traction with the next focus on the intraday high of $142.02. The next resistance awaits ETH at $142.55 ( March 25 high), while the ultimate bullish goal in the short run is $150.00.
On the downside, SMA100 1-hour at $135.80 serves as a local support. If it is sustainably broken, the sell-off may gain traction and push the price towards $134.00. This support is created by SMA200 1-hour and the lower line of 1-hour Bollinger Band. A move below will open up the way towards $130.00
ETH/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
