ETHUSD was able to claw back some gains in yesterday’s trading, but is fighting to stay above a key support-turned-resistance area in its bid to regain upside momentum. ETHUSD is up 1.45% on the day, having been able to bounce off its multi-month lows and spring above the 144.97 support-turned-resistance line. Having pushed above this price level, today’s candle has dropped lower and is now testing this area once more.
A bounce off present price levels would restore some upside momentum on ETHUSD, but this may be limited as the mood in the market is still bearish. Such a bounce would provide a springboard to test 152.96 (previous lows of April 3, September 26 and October 23). If further upside momentum exists, a test of 168.62 (previous clusters of lows from May 2 – 11 and September 27 – October 2) would be on the cards.
On the flip side resumption of the downtrend via a breakdown of the current price support level would open the door for a push towards 131.63 (previous highs of January 15/16 and previous lows of March 6-10 and March 25).More content