- Ethereum settled in a range between $145 and $150 after the recovery momentum became unsustainable above $150.
- The consolidation will continue in the near term but a breakout is expected towards $200.
Ethereum bulls are finally waking up toward the end of the Asian session on Wednesday. The recent slump to $132 was a wakeup call and a reminder that disintegrating below $100 is possible. For this reasons, Ethereum bulls pulled up their socks, pushing the price above $150.
Consequently, movement above $150 became largely untenable. In lieu of this, the price adjusted into consolidation between $145 and $150. The Bollinger Bands suggest that the consolidation phase will last longer, although the phase will culminate in a breakout.
Offering immediate support to the downside is the 100 SMA on the 1-hour chart currently at $147.46. The Bollinger Band 1-hour middle curve is also inline to offer support above the 50 SMA at $145.
The RSI displays a market that is leaning to the bullish side. Supporting the RSI, is the Elliot Wave Oscillator, which has had a continued bullish session since yesterday. It is apparent that on breaking the $150 hurdle, Ethereum could easily change the course while focusing on $200.