- Ethereum’s recovery momentum stalled at $195 opening the Pandora box.
- The zone between $150 and $160 remains to be the major support for Ether.
Ethereum is back in the $180’s range following the bulls’ inadequacy to clear the resistance at $196. The tentative support at $190 did not match up to the selling pressure whereby the declines touched $186.75 (intraday low). Besides, the 100-day Simple Moving Average did little to halt the drop.
The short-term trendline continues to offer short-term support but extended declines could find refuge at $185 and $180 respectively.
Technical signals by the Relative Strength Index suggests that the bears will remain in control. If the indicator dives towards the oversold levels under 30, Ethereum would breakdown to the primary support at $150 – $160. For now, a sideways trend between $180 and $190 is a welcomed move which will allow the buyers to forge another attack on $200 in the coming sessions.