*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.
ETH/USD Price Update:
- Ethereum closing the month in the red territory expecting further declines.
- ETH/USD Could still strengthen the bullish bias in a mid-term view.
Ethereum (ETH/USD) finishing the month in the red territory
The crypto sphere is showing high levels of volatility over November. Ethereum is poised to clear the month in negative waters, trading below the $155 handle. However, on Wednesday, it managed to recover from last week’s losses, and it’s now consolidating the price action above the $153 level across the board.
The 50 SMA at the 4H chart stays challenged by the cryptocurrency, and is serving as dynamic resistance for the short term. Such recovery was made in the context of support found around $134.83. It seems like the corrective move could be extended in the coming days.
Furthermore, the closest resistance lies at $157.98, where the bulls will have a big challenge to go beyond that area.
Subscribe to our newsletter to receive our weekly updates + more straight to your inbox!
Targets in the positive territory
If it succeeds, then the next target would be the $169.36 level. Directing it on the way towards the bearish trend line projected since the highs from September. However, the 200 SMA could provide a strong barrier to the upside and it could cap further gains in the ETH/USD pair.
Once Ethereum manages to break such a confluence of resistances, all eyes will be above the $200 round-figure. With a critical resistance located at $203.10, the cryptocurrency could strengthen the bullish bias in a mid-term view.
A golden crossover could happen to the moving averages mentioned above.
Will Ethereum extend the bearish bias?
On the downside, the support area of $134.83 should give up in favour of the bears, to test the next target located at $125.49. Furthermore, additional declines could take Ethereum to test the $102.51 level, favouring the bearish bias in the short term.
Technical oscillators remain in positive territory. The RSI indicator is remaining above the 50 level, while momentum keeps its bullish stance above the zero level. Favouring further rallies in the popular cryptocurrency.