- Ethereum trades 1.5% higher as crypto sentiment remains stronger.
- The price bounced off the 23.6% retracement to move lower
ETH/USD daily chart
Ethereum trades just over 1.5% higher as crypto sentiment remains positive. As you can see from the daily chart below the price has taken quite a big drop in recent times and ETH is currently in a retracement phase. The price has already bounced off the 23.6% Fibonacci retracement zone and this is the next resistance for price at the moment. The 150.00 psychological level could also be a problem if bulls remain in control.
The RSI has also had a bullish trendline break marked in green at the bottom of the chart. This can sometimes mean a momentum shift to the upside and it’s looking pretty good at the moment. As always be careful when taking counter-trend trades as they can be more difficult. Lastly, the price is still under the 55 and 200 moving averages so be aware if the price gets closer as they seem to be pretty well respected.
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