ETH/USD:
Support: $130, $123, $120.
Resistance: $135, $140, $150.
ETH/BTC:
Support: 0.0201 BTC, 0.0196 BTC, 0.0192 BTC.
Resistance: 0.021 BTC, 0.0215 BTC, 0.022 BTC.
Ethereum had broken from a short term triangle this weekend but managed to rebound from support at a slightly longer termed triangle as it extends the consolidation phase.
The cryptocurrency dropped as low as $125 but rebounded from the trend line to climb back above $130 yesterday. It now faces strong resistance at the upper boundary and still must break this to head higher.
Toward the upside, the first level of resistance lies at $135. This is immediately followed by resistance at the upper boundary at $140. Above this, resistance lies at $146, $155, and $165 (bearish .382 Fib Retracement).
From below, the first level of support lies at $130. Beneath this, the lower boundary of the triangle is expected to provide strong support. Beneath the triangle, support lies at $125, $120, $110, and $105.
The RSI climbed back toward the 50 level but is still hovering beneath it to show the bulls still have not taken control of the market momentum. A break above would undoubtedly help ETH start to rise above this consolidation pattern.
Against Bitcoin, Ethereum was unable to maintain itself above the 0.021 BTC level, which caused it to drop toward 0.0204 BTC.
The sellers look to be pushing lower, and it will be necessary for the bulls to defend 0.0201 BTC to prevent the market from heading toward 0.0185 BTC.
From below, the first two levels of support are 0.0201 BTC and 0.020 BTC. Beneath this, support lies at 0.0196 BTC (.786 Fib Retracement), 0.0192 BTC (downside 1.272 Fib Extension), and 0.0185 BTC (.886 Fib Retracement).
From above, resistance is located at 0.021 BTC, 0.0215 BTC, and 0.022 BTC.
The RSI is headed lower to show increased selling momentum within the market. The Stochastic RSI is also about to produce a bearish crossover signal that will help the bearish case downward.
