Ethereum has been moving below the 23.6% Fibonacci retracement level of the upleg from 99.00 to 148.15, around 136.40 after hitting the 138.65 resistance level.
In addition, the price holds above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, while the RSI indicator stands flat in the positive area and the MACD is gaining momentum above the zero line.
Resistance could occur around the 23.6% Fibonacci and the 138.65 barrier. A break above this area could increase the bullish sentiment, retesting the 146.36 hurdle, which holds slightly below the five-month high of 148.15.
On the downside, the Ethereum may meet immediate support at the Ichimoku cloud around 133.55 and the 40-SMA at 132.44. If the market manages to drop below these levels, the price could hit the 38.2% Fibonacci of 129.12.
To sum up, the short-term bias remains neutral to bearish, especially after the price failed to create a bullish rally above the 148.15 at the end of the previous month.
by Melina Deltas, XM Investment Research Desk
Melina joined XM in December 2017 as an Investment Analyst in the Research department. She can clearly communicate market action, particularly technical and chart pattern setups. Her technically focused method looks mainly at price action across multiple time frames to capture big moves that develop over the years. She has more than 3 years of experience in analyzing financial markets, specializing in forex, indices, and commodities.
Melina studied Pure Mathematics at Lancaster University and has a Master’s Degree in Monetary and Financial Economics from the University of Cyprus. Currently, she is an associate member of the Society of Technical Analysts (STA) and a Certified Financial Technician (CFTe).
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