Ethereum ETHUSD trades lower today after three consecutive positive trading session as Ethereum rebounds from seven-month lows. Cryptocurrency markets crushed after PBOC last Friday argued that cryptocurrencies remain unauthorised illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising. The People’s Bank of China repeated that it would continue to monitor the virtual currency business activities within the jurisdiction.
ETHUSD gives up 1.30% at $150.65 with capitalization now at 16.61 billion with the trading volume above the daily average, reaching 7.99 billion. The capitalization of the top 100 cryptocurrencies stands at 205.00 billion.
Ethereum Technical Levels to Watch
The ETHUSD rebound from $131 stalled today at $154 the previous support line that now has turned into resistance. The cryptocurrency markets mood is still bearish, and the upside moves would meet strong resistance. ETHUSD needs to break above $154.80 the daily top while amove above the $162.35 high from November 22nd will restore some confidence for the number two crypto.
On the downside, Ethereum might find minor support at $149.49 today’s low while a break below that level will open the way for a move down to yesterday’s session low at $141. Sellers need to break that level if they want to test the $131 recent low and March low.