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  • ETH/USD recovery capped by $160.00 barrier.
  • Elon Musk joke triggered excitement within the community.

Ethereum (ETH) has been rangebound since the beginning of the week. The coin managed to recover some ground after an epic collapse to $148.23 on April 25, to trade at $158.90 at the time of writing. The recovery is capped by $160.00 handle as ETH bulls struggle to find inspiration to push the coin higher.

Meanwhile, Elon Musk, a prominent figure in a hi-tech world suddenly grabbed the attention of the crypto world by tweeting a single word “Ethereum”. This super-short post attracted a flood of responses from the community. Ethereum creator Vitalik Buterin also dropped in to invite Musk to the Devcon.

“You should come to our Devcon in October :),” he replied.

Though the tweet was intended as a joke, the community went mad about it.

Ethereum’s technical picture

ETH/USD recovery is limited by psychological $160.00 strengthened by 50.0% Fibo retracement ($159.80). Once this resistance is cleared, the recovery may be extended towards the next focus on $166.00 38.2% Fibo retracement.

On the downside, the support is spotted at $155.30 (lower line of 4-hour Bollinger Band), once it is broken, the sell-off will continue towards $153.20 strengthened by 61.8% Fibo retracement. The next support comes at the recent low of $148.23.

ETH/USD, 4-hour chart