- Altcoins are gaining recovery traction in comparison to Bitcoin which has been lethargic below $3,900.
- ETH/USD upside breakout may remain limited; we can expect the price to trade sideways above $130.
ETH/USD is moving higher 1.1% on the day. The entire making is making subtle upside movements. It seems that altcoins are gaining recovery traction in comparison to Bitcoin which has been lethargic below $3,900. Apart from Ethereum, other altcoins that are reacting with bullish movements are XRP, Bitcoin Cash, Litecoin, EOS, and Ethereum Classic.
Ethereum is currently trading at $132.32. It has corrected higher from the main support at $130. The current bullish momentum is battling to overcome the initial hurdle highlighted by both the 50 SMA and the 100 SMA 4-hour.
Although Ethereum is one of the few cryptocurrencies that are bullish on Friday, its retracement to $140 will depend on whether it can pull above $135 and sustain more growth. Meanwhile, the RSI 4-hour chart is motionless at 54. This shows that ETH/USD upside breakout may remain limited; we can expect the price to trade sideways above $130.
Similarly, the MACD is slightly in the negative region and is emphasizing that the bears are still present. As far as support levels are concerned, the demand zone between $120 and $130 will continue acting as the key support while the primary support rests at $100.
ETH/USD 4-hour chart