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- ETH / USD remains in a range, support of $ 110.00 at your fingertips.
- The rise seems unlikely from the short-term point of view.
Ethereum is changing hands marginally above $ 112.00, losing almost 4% from this Sunday hour. Ethereum, now the third largest currency with a market value of $ 11 billion and an average daily trading volume of about $ 1.8 billion, trades within a limited range of $ 110 on the downside and $ 120 on the upside.
ETH closed the seventh consecutive month in the red zone, losing more than 43% on a monthly basis. The currency tested water under $ 100 critics on a couple of occasions in November; however, innovation has proved to be unsustainable so far.
Technical framework of Ethereum
The ETH / USD must return to the area above $ 120 to mitigate downward pressure, but this final goal is out of reach as long as the currency remains below the resistance of $ 114.00 followed by the SMA200 ( 1 hour). In addition, a strong barrier is identified at $ 116.70 with a confluence of SMA100 and SMA50 (1 hour), making it a hard to break for short-term etereum bulls.
On the downside, the first support comes with $ 110.00, which is the lowest level of the recent channel. It is followed by November 27 to $ 100.89 and $ 100 critics.
The Relative Strength Index remains close to the oversold territory and points down, which implies that further short-term sell-offs are likely to occur.
ETH / USD, 1 hour chart
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