- ETH/USD failed to pass $158.00 barrier.
- Critical support is created by 61.8% Fibo retracement.
Ethereum (ETH) has recovered from Thursday’s low registered at $148.23 to trade at $155.00 handle at the time of writing. However, despite some positive momentum and a bullish trend on the intraday charts, the coin is 5% lower from this time on Thursday. While the sell-off was triggered by Tether cover-up allegations, the further momentum into the end of the week will depend on whether the coin manages to regain ground above $160.00 handle.
Ethereum’s technical picture
ETH/USD is now trading at $155.47, above 61.8% Fibo retracement ($153.30). However, the recovery momentum seems to have petered out as the price stumbled into a selling interest located on approach to $158.00. The bulls have to push the price above psychological $160.00 strengthened by 50% Fibo retracement, $161.00 (midline of 1-hour Bollinger Band) to get a chance for an extended recovery with the ultimate aim at the congestion zone $166.30-50 that encompasses 38.2% Fibo retracement and the upper boundary of the previous consolidation channel.
On the downside, a sustainable move under $153.30 will expose the recent low of $148.23.
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.