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ETH/USD Price Status:
- Ethereum is currently trading below the $122 level and apparently is looking forward to posting fresh lows.
- Chances for a rebound exist, once it makes a bullish reversal formation in the charts.
ETH/USD Price: Heavily sold off below $122
The focus has shifted to the downside of Ethereum, which is currently trading below the $122 handle following a strong piercing at the $134.83 level. This piercing was a critical one in terms of the overall price action. The price maintains its structure below the 200 SMA at the 4H chart and looks forward to posting fresh lows in the days ahead, due to the weakness observed in the ETH/USD quotes.
Strong resistance was found around the $157 neighborhood. A strong supply zone was established across the board, capping further gains for the cryptocurrency.
Also, the 50 SMA at the 4H chart assisted in providing dynamic resistance, giving strength to the overall stance. That’s why a decline towards the $102.51 level cannot be discarded just yet.
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Eyes on all-time lows
Such a move could accelerate the negative bias in the ETH for the short and mid-term. Considering that it managed to break below the lows from November.
Once the ETH/USD pair breaks out of the mentioned bearish target, eyes will be on the $80.78 level. Which is a key handle to overcome for the bears on the downside.
Will ETH recover from its losses?
On the upside, a rebound could occur once it makes a bullish reversal formation. Hinting a possible rally towards the $134.83 level, ahead of $143.70. Such an area should give up in favour of the bulls to extend its rise to the 200 SMA.
If that moving average is cleared by the bulls, Ethereum is expected to make another leg higher to test the $169.36 level. Ahead of the $176.48 zone, which should strengthen the bullish bias for the mid-term, at least.
Technical oscillators are showing mixed signals. RSI is hovering inside the oversold waters, while momentum is still pointing downwards.