Defining moment: grow the Ethereum until the end of the week?

Price Ethereum is still in a downtrend. Bears dominate the market both in global and in local scales. If cryptocurrency fails to break above $ 135, it will have at least some chances to test line 140 and $ 150.

The General situation looks like this:

  • buyers are still unable to defend the support zone of $ 130;
  • scale 1-hour chart remains in force, the local bearish trend with resistance at the point 132 of dollars;
  • the time of a sharp jerk of the price of an asset is near.

At the moment Ethereum is trading at 132 dollars. For the past day, the cryptocurrency rose by only 0.3 percent.

Technical analysis

After another unsuccessful attempt to break through the resistance area 132 dollars Ethereum again strayed below the 100 SMA on the scale 1-hour chart. Cryptocurrency even fell through the 0.5 Fibonacci level, laid in the Wake of rising from 127 to 134 dollars.

Now upside movement of the asset is still constrained by the huge efforts of the bears, who did not want to leave the market. Against the background of flat Bitcoin in the Ethereum also not pleased with their volatility. In addition to the local line of resistance in front of buyers is also the Fibonacci 0.5 level, laid on a wave draining from 134 to $ 130.

Source: TradingView

So the next price breakthrough the Ethereum set the tone for trading until the end of this week. There are two ways — either the bulls manage to break above the local downtrend, or cryptocurrency is flying below $ 130. Consequently, right now there is no sense to open trading positions. Good time to long or short would be these two events.

The testimony of technical indicators, fortunately, talking about the growth. The MACD line began to move slowly in the bull zone and the RSI remains above average. For the latest updates of the market situation keep in our cryptodata.

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