- ETH/USD slips lower after a failed attempt at local resistance.
- The short-term downside correction should stop at $130.00.
ETH/USD attempted to move above $137.00 during early Asian hours, but the upside proved to be unsustainable so far. ETH/USD is changing hands at $136.50 at the time of writing, little changed both on a day-to-day basis and since the beginning of Monday. While the short-term volatility is growing, the momentum is still too weak to push ETH out of the range.
From the short-term point of view, we need a sustainable move above $137.00 to clear the way towards $138.30 resistance created by a confluence of SMA50 and SMA200 on 4-hour char. The next resistance is seen at $140.0. This level serves as an upper barrier of the recent range and separates ETH from an extended recovery towards $146.00, followed by the recent high at $146.13. Once this barrier is cleared, $150.00 will come into focus.
On the downside, watch out for $135.38 (Sunday’s low). This support is followed by psychological $135.00. The next critical barrier comes as low as $133.50 (March 21 low) and $130.00 with DMA50 located right below this handle.
ETH/USD, 1-hour chart