- ETH bulls failed to push the price above $ 156.00.
- The upside momentum may start fading away at this stage.
Ethereum, the second-largest digital asset with the current market value of $16.6 billion, has recovered from Wednesday's low of $141.40 to trade at $152.40 by press time. The coin has gained over 4.5% on a day-to-day basis and stayed unchanged since the beginning of Thursday.
Ethereum new supply dropped 7% from 12 600 ETH to 11 800 ETH, while the time of block discovery increased to 15 seconds, according to Etherscan.io. All in all, in November, Ethereum inflation dropped by 13%.
Ethereum's technical picture
On the daily charts, ETH/USD created a bottom at $132.48 on November 25 and has been growing ever since. However, the recovery momentum has faded away on approach to psychological $156.00 reinforced by the upper boundary of the 4-hour Bollinger Band. Once it is cleared, the upside is likely to gain traction with the next focus on $159.00-$159.40 resistance area, which includes the lower line of the previous consolidation channel, SMA10 (Simple Moving Average) daily and the upper line of 1-hour Bollinger Band.
On the downside, the initial support is created by psychological $150.00, with 38.3% Fibo retracement daily located on approach. A sustainable move below this handle will increase the downside pressure with the next aim at $136.70 ( the lower line of the daily Bollinger Band) and the recent low of $132.48.
ETH/USD, the daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.