- ETH/USD is capped by $155.00.
- Ultimate support lies at $138.00.
Ethereum, now the second largest coin with a market value of $15.8B is trading at $153.50 with a mild bullish bias. The coin reached the highest level of 2019 at $164.74 and stayed in $150-$160 range since that time. ETH price movements are influenced by the upcoming Constantinopole upgrade as many traders prefer to sit on the fence ahead of the potentially risky event.
Looking technically, the price is capped by a confluence of technical indicators, that include Bollinger Band 15-min Lower, 23.6% Fibo retracement weekly, SMA200 15 min, SMA50 1-hour, SMA100 1-hour, and the previous low 4-hour. Once this area is cleared, the recovery may be extended towards $155 resistance zone created by SMA5 daily, Pivot Point daily Resistance 1, Bollinger Band 15-min Upper.
The next important barrier that stans on the way of the short-term bulls sits at psychological $160.00 strengthened by Bollinger Band 4-hour Upper and the previous months high. It separates us from the highest level of 2019 at $164.74 and an ultimate resistance of $170.00 with Bollinger Band daily Upper and Pivot Point 1-month Resistance 1.
Below the current price, the initial support is created by a combination of 38.2% Fibo retracement weekly and 23.6% Fibo retracements weekly on approach to $149.00 handle. A sustainable movement lower will increase the downside pressure and open up the way towards 23.6% Fibo retracement monthly at $143.00, which separates us from psychological $140.00 and ultimate support on approach to $138.00 created by Pivot Point 1-month Support 1 and SMA100 4-hour.