In the Ethereum today’s news, we see that the big cryptocurrency and second leader after Bitcoin (BTC) is at a significant turning point and is right now trimming the gains from the $158 resistance area against the US dollar. As it stands, Ethereum is at potentially significant turning point and approaching a couple of important supports near the $144 area.
Earlier, we could see a break above the major bearish trend line with resistance near $152 on the 4-hours chart of the ETH/USD pair. Analysts predict that Ethereum is at a turning point and may bounce back as long as it is above the $142 support area.
The past week, we could see a solid recovery for ETH as the coin rose above the $142 resistance area. ETH also surpassed a major resistance area near the $150 level. More importantly, we could see a break above a major bearish trend line with resistance near $152 and even surpassing of the $155 mark. However, ETH struggled to gain momentum above $158.
Ethereum is at potentially major turning point ever since a swing high was formed near $158. Right now, the biggest altcoin is correcting lower below the level from the $131 swing low to the $158 high.
Lying in the $145 support area as the latest cryptocurrencies news show, Ethereum is approaching the broken trend line with main support near the $142 area. In a scenario of a downside break below $142, the chances of another upward move are reduced.
A clear break above the $160 level and the 100 simple moving average (4 hours) may perhaps push the price of Ether back into a positive zone. Still, as long as ETH is above $142, Ethereum is at potentially major turning point.
- 4 hours RSI – The RSI for ETH/USD is currently in a decline and it is trading near the 40 level.
- Major Support Level – $142
- Major Resistance Level – $160
From the technical indicators above, we can see that Ethereum is at potentially major turning point. However, with a price of $147 and a drop of $4.21% on the day, it is not among the cryptocurrencies which are expected to buzz in the near future.
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