- Ethereum is still holding ground in the second spot on the market with a market cap of $14.2 billion.
- If ETH/USD fails to recover above $140 a trend reversal is the most likely move.
ETH/USD has hit a snag short of $140 amid the market’s general recovery. The total market capitalization has increased and crossed above the $140 billion mark to the current $142.5 billion. The current gains have led to a recovery in Ethereum’s daily trading volume which has hit $5 billion from $4.9 billion at the close of the session yesterday. Ethereum is still holding ground in the second spot on the market with a market cap of $14.2 billion.
Ethereum has since Tuesday traded higher lows and higher highs. Besides, the confluence detector tool shows Ethereum trading marginally above $138.35; a key level that will now work as strong support. If only Ethereum buyers found a catalyst, the path to $150 could be relatively smooth owing to the existing weak resistance zones. The first resistance is seen at $139.79. The indicators highlighted in this zone include:
5 SMA 15-minutes
61.8% Fib retracement level weekly
Previous High 15-minutes
Previous high 1-hour
Bollinger Band 15-minutes upper
Bollinger Band 1-hour upper
If Ethereum manages to clear this level, it will encounter another weak hurdle between $141.24 and $144.13:
Bollinger Band 1-day upper
Pivot point weekly R1
38.2% Fib level 1-minute
Previous weekly high
The path above this level will remain uninterrupted until ETH/USD hits $150 and corrects to the next hurdle at $152.81.
It is clear that the path of least resistance to the north, however, if ETH/USD fails to recover above $140 a trend reversal is the most likely move. In that case, various support level will come to the rescue of the bulls at $138.35, $136.90, $135.45, 134.01, $132.56 and the primary support at $122.44.
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