- There was a brief surge on Monday but the upside has been capped at $170.00.
- Ethereum to trend sideways within the range between $160 and $170.
Ethereum kicked off the new week with a bullish move. The correction comes after a weekend of calm across the entire market. The support established at $160 has been instrumental in ensuring that the price does not slide further. The hurdle at $165 capped the correction in the last weekend’s session.
However, on breaking path both the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour woke up the sleeping bulls. There was a brief surge on Monday but the upside has been capped at $170.00. ETH/USD is trending lower below the trendline resistance at $170.00 and the range limit at $170.00.
According to the applied technical indicators, ETH/USD is likely to stay within the range at $160 and $170.00. The relative strength index (RSI) has retracted from the oversold and is now horizontal at 60.00. Similarly, the moving average convergence divergence (MACD) 1-hour at +1.08 has started to slope downwards to show that the bulls are currently losing steam. In terms of support, both the 50 SMA and the 100 SMA at $165 will hold in the short-term. The range support at $160 and the $155 are positioned to prevent declines in the event of extended declines.