- ETH/USD is exchanging hands at $159.54 while dancing at the 38.2% Fib retracement level.
- Ethereum bulls must push the price above $160 to cement the building bullish momentum.
Ethereum is fighting for recovery following the broad-based declines across the cryptocurrency market. There has been a formidable correction from Thursday low at $148.02 to the current $159.54 at press time. While the intraday charts are showing a bullish momentum building, Ethereum is still trending 4.8% lower compared to the same time on Thursday.
Ethereum short-term technical picture
ETH/USD 1-hour chart
ETH/USD is exchanging hands at $159.54 while dancing at the 38.2% Fib retracement level taken between the previous high at $178.45 to a low of $147.02. Following the break of the week’s support congestion zone at $160, the price entered into a seller interest zone around $158, a move that increased the sellers’ confidence who pushed the price the levels traded in the first week of April amid the incredible bull rally.
The bulls must push the crypto above the 38.2% Fib level, beat the resistance at the 12 EMA and bring the price above the support turned resistance at $160. This will allow the price to re-enter yesterday’s short-lived consolidation zone between $163.29 – $166.69. At the moment, this is considered a bullish area for Ethereum and will allow the buyers to gather strength in preparation for an assault on the next resistance targets at the 61.8% Fib level, $168.04 resistance and $170.00 hurdle.
The trends displayed by technical indicators like the RSI and the MACD shows ETH/USD having potential sideways trading if not upside correction in the coming sessions. The RSI, for example, has corrected to 40.37 from levels around 19.15 while the MACD at -1.8956 is in an upward slope to confirm that the buyers have an upper hand.
Ethereum Key Technical Indicators
RSI 1-hour: 40.37 (trend: ranging).
MACD 1-hour: Below the mean line but trending upwards.
EMA 12 1-hour: $159.99
Resistance 1: $160.00
Resistance 2: 163.29
Resistance 3: 168.00
Support 1: The 23.6% Fib level
Support 2: $148.00.