The Ethereum begins the lateral movement. What does it mean?

The Ethereum while moving momentum up. After the recent rapid growth of the cryptocurrency managed to go to the rollback, but found some good support levels. If the market does not present us with any surprises in the coming days, trading a pair of ETH/USD continues its lateral movement.

The General situation looks like this:

  • the price of the asset a slightly rolled up, but was unable to overcome the resistance area $ 130;
  • scale 1-hour chart formed a local downtrend.
  • in the near future, buyers are unlikely to break above $ 130.

At the moment Ethereum is trading at 126 dollars. For the past day, the cryptocurrency fell by 2.3 percent.

Technical analysis

Yesterday ended a slight upward correction of the rate of the coins. Its price jumped up to $ 134, but was unable to gain a foothold at this level. Because of a failed test of the resistance of the Ethereum again went down and is now trading below $ 130.

Fortunately, from the intense plum cryptocurrency “saved” moving average SMA 100 (on a scale of 1-hourly chart). At the moment, this line is the nearest local support asset.

Now Ethereum is very close to the local downtrend. Soon this line will be the main obstacle for the bulls. After overcoming it will be possible to expect growth up to $ 160 — the nearest local maximum of the asset.

Source: NewsBTC

On the other hand, the probability of cryptocurrencies is still high. In this case, the nearest support we can provide 100 SMA, and then line 121 USD. If the fall drags on, traders should open short positions. Fortunately, the data from technical indicators, yet suggest continued growth. MACD is almost in the bullish zone, while the RSI fell just below average.

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