- Ethereum hits a snag at $155 and delays the recovery towards $200.
- Technical levels show almost oversold conditions likely to force a reversal above $155 in the near term.
Ethereum has continued to nurture a subtle uptrend in the wake of the losses which levels towards $130 refreshed. The recovery has been steady but not as fast as the investors would expect. The barrier at $155 has proved to be a hard nut to crack leading to a series of lower corrections.
Meanwhile, Ethereum is trading at $151 after the rejection from the crucial short term resistance at $155. The 50 SMA on the 1-hour chart is in line to offer immediate support. The shallow trendline connecting the higher low points continues to play a key role in the recovery of the second-largest cryptocurrency in the world. Also in line to provide anchorage is the 100 SMA currently at $147.
From a technical perspective, Ethereum is not far from oversold conditions. The full stochastic oscillator is almost touching 30. However, a reversal is likely to occur before the indicator breaches the zone below 30. The MACD in the same 1-hour range is struggling to stay above the mean line. However, the minor bearish cross suggests that selling pressure is still present.