- ETH/USD market stumbles at the $150 resistance line as bears claw back.
- The overall momentum of the market remains on the up and there could be another breakout on the horizon.
The ETH/USD market ran head first into the critical $150 resistance line. The bears managed to get back into the game by stealing the last session. The overall market sentiment remains bullish, and it looks like we have entered a period of consolidation before a significant breakout.
ETH/USD daily chart
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The bulls will need to break past the resistance offered by the $150 line to continue their upward trend. The relative strength index (RSI) shows that the market has entered the overbought territory which may give bears the incentive to sell. However, the 100-day simple moving average and the 50-day simple moving average are on the verge of crossing over, which is a huge bullish signal. It looks like we have entered a small period of consolidation before another major bullish breakout.
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