- ETH/USD is under pressure despite recovery from the recent lows.
- The short-term downside should stop at $130.00.
ETH/USD recovered from a shot-lived dip below $132.00 to trade at $133.62 at the time of writing. The second largest coin with the current market value of $14.2B has lost about 1.7% from this time on Monday, trading in line with the rest of the market.
Tron’s Justin Sun and Ethereum’s Vitalik Buterin has been engaged in a heated argument lately.
Notoriously outrageous Sun promised to erect a monument in memory of Ethereum when the project sinks into oblivion. Meanwhile, Buterin replied that he would lose the faith in humanity if Torn overtakes Ethereum.
Ethereum’s technical picture
From the short-term point of view, ETH/USD needs to move above psychological $135.00 and $135.50 (SMA50, 1-hour). A sustainable move higher will open the way towards congestion zone $136.40-$136.70 that includes SMA100 on 1-hour and 4-hour charts. Psychological $137.00 is followed by $137.50 (SMA200) and $138.00.
On the downside, watch out for $132.00 and $131.52 (Monday’s low). The next critical barrier is created by $130.00 with DMA50 located right below this handle.
ETH/USD, 1-hour chart