- There was a brief surge on Monday but the upside has been capped at $170.00.
- Ethereum to trend sideways within the range between $160 and $170.
Ethereum kicked off the new week with a bullish move. The correction comes after a weekend of calm across the entire market. The support established at $160 has been instrumental in ensuring that the price does not slide further. The hurdle at $165 capped the correction in the last weekend’s session.
However, on breaking path both the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour woke up the sleeping bulls. There was a brief surge on Monday but the upside has been capped at $170.00. ETH/USD is trending lower below the trendline resistance at $170.00 and the range limit at $170.00.
According to the applied technical indicators, ETH/USD is likely to stay within the range at $160 and $170.00. The relative strength index (RSI) has retracted from the oversold and is now horizontal at 60.00. Similarly, the moving average convergence divergence (MACD) 1-hour at +1.08 has started to slope downwards to show that the bulls are currently losing steam. In terms of support, both the 50 SMA and the 100 SMA at $165 will hold in the short-term. The range support at $160 and the $155 are positioned to prevent declines in the event of extended declines.
BEST BROKERS TO TRADE CRYPTO
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.