- Ethereum dives below several key support levels including $170, $150 and 4140.
- The trendline resistance must come if Ethereum bulls want to push the price above $170.
Ethereum reacted in tandem with Bitcoin and other cryptocurrencies on Friday. The pressure on key support areas stayed intact over the weekend. There was an attempted recovery following a low formed at $138. However, the descending trendline resistance was unbreakable leaving $155 untested and unconquered.
The price continues to thin below the trendline even as volatility levels remain high. The prevailing trend is also bearish, although Ethereum bulls are trying to hold onto to the 0.48% upward correction. The crypto market is mixed red and green but there is a high chance that the mantle will remain in the bears’ hands.
Ether is trading below the moving averages whereby the 50 SMA is standing in the way of recovery at $141.73 and the 100 SMA at 155. The RSI is making an attempt to rise above the oversold. Besides, Ethereum is bouncing off the Bollinger Band 1-hour upper curve. If the RSI manages to leave the oversold and sustain recovery towards 50, Ethereum bulls would easily reverse action from Friday pushing the price above $170.
ETH/USD 1-hour chart
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