Ethereum attempting to rally after the failed break down
Unlike Bitcoin, which has moved lower in the past couple of days, Ethereum has been trading within a tight trading range. For instance, Ethereum has ranged between $180 and $195 in the previous seven days. The sideways consolidation usually precedes a bigger move, hence traders should expect Ethereum to burst in one of the two directions soon.
On the upside, the bulls are targeting the 200 DMA which trades just below the $215 handle. Above this level we have a $225 horizontal resistance. However, we must first see whether the bulls have enough power to move above the mini descending trend line.
On the downside, the price action is currently testing the intra-day support, in the context of the 100 DMA, at $186.87. A daily close above this level will turn the 100 DMA from support to resistance. For bears, the level around the $150 mark continues to be the major prize.
On the upside, the bulls are targeting the 200 DMA which trades just below the $215 handle. Above this level we have a $225 horizontal resistance. However, we must first see whether the bulls have enough power to move above the mini descending trend line.
On the downside, the price action is currently testing the intra-day support, in the context of the 100 DMA, at $186.87. A daily close above this level will turn the 100 DMA from support to resistance. For bears, the level around the $150 mark continues to be the major prize.
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