- ETH/USD is rangebound after a mild recovery from recent lows.
- RSI shows that the upside is unlikely.
Ethereum is changing hands at $137.61, mostly unchanged since this time of Sunday. The coin is consolidating gains after recovery from the recent low of $114.68 touched on December 27. Ethereum’s market value is registered at $14.2B, while an average daily trading volume amounts to 2.5B.
Ethereum’s technical picture
On the 4-hour chart, ETH/USD recovered above SMA50. Registered at $132.97 at the time of writing it serves as initial support for the coin. If it is broken, the downside may be extended towards $122.60 (the short-term upside trendline from December 27 low) and to psychological $120.00 S sustainable move lower will bring $115 and $114.68 back into focus.
On the upside, the local resistance is created by $140.00 and a congestion zone $142.00. Once we pass this barrier, the recovery may gain traction and take the price towards $150.00. However, considering the downward-looking RSI on the 4-hour chart, strong upside momentum is unlikely at least on the short-term timeframe.
ETH/USD, the 4-hour chart
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