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ETH/USD Price Analysis:
- Ethereum remains within bearish territory consolidating in a tight range above the $146 level.
- A rally towards the $203.10 level on the horizon.
ETH/USD Price: Still on bearish territory below $150
The crypto space currently has a neutral tone for the ETH/USD pair, which has been consolidating within a tight range above the $146 handle. With gains limited by a robust 50 SMA placed at the 4H chart. The cryptocurrency stays comatose during December, and it seems like slight moves could happen in the coming hours.
However, as a full-packed week in terms of event looms, price action can be volatile. Not directly focused on cryptocurrencies, but in the USD price dynamics across the board. As such a week could be the “last” in terms of high volatility, with the ECB and Fed’s interest rate decisions in focus. Thus, traders are readying their positions and fastening their seat belts to catch opportunities for trading in the crypto sphere.
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Bullish scenario for ETH/USD
Moving to Ethereum, the upside is capped by the resistance level of $157.98, which is a key resistance to break in the short term. Once ETH manages to break above such an area, a rally is expected to occur towards the $169.36 level.
However, a 200 SMA at the 4H chart could cap further gains, as it’s taken as a dynamic resistance. If ETH/USD manages a breakout beyond that region, the next tough nut to crack would be a bearish trend line drawn since September, of around $176.48. The cryptocurrency could break above that area to rally towards the $203.10 level.
Next support level to watch
To the downside, Ethereum is finding strong support around $143.70. Which is helping to provide a critical bottom in the short term. If such a level gives up in favour of the bears, the next hurdle to break lies at $134.83, ahead of the $125.49 level.
The zone is a critical one, due to the free-fall that ETH could suffer if it is broken by the bearish force. If that happens, the next support is located at $102.51.
The RSI indicator still remains in the negative territory, while momentum is pointing upwards across the board.