- Ethereum price recovery halted under $142 after gains became unsustainable above $140.
- Technical indicators such as the RSI and Elliot Wave Oscillator show that ETH/USD is in the hands of the buyers.
Ethereum price is struggling with the resistance at $142 for the second day in a row. On the downside, $135 is standing out as a credible support area. Although the trading on Wednesday has touched $141.93 (intraday) high, gains have been difficult to sustain above $140. ETH/USD is trading at $139 amid expanding volatility coupled with a bullish trend.
Despite the lack of energy to break the resistance at the 23.6% Fibonacci resistance level of the last drop from $288 to a swing low at $90, ETH/USD has remained largely in the hands of the bulls. Besides, the wide gap between the 50 SMA and the 200 SMA in the daily range clearly shows that buyers have a bigger say in the direction the price is taking.
For now, a breakout is needed above $140 and $142 resistance levels, which is likely to lead to more gains towards Friday’s resistance at $155. Both the 200 SMA and the 50 SMA will hinder movement at $177.02 and$208.58 in the case of a significant reversal eyeing $300. Technical indicators such as the RSI show subtle bullish signals. Sideways trading could take precedence on Wednesday.
ETH/USD daily chart
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