- The ETH / USD could resume the downside in the short term.
- Maximum resistance $ 100.00 is still out of reach.
ETH / USD is changing hands at $ 89.50. The currency is mostly unchanged on a daily basis and down by 1.1% from the start of Thursday. The third largest currency with a market capitalization of $ 9.3 billion remains in the range amid low trading activity. Currently, the market tends to ignore important news about coins, which means that altcoins move in sync with Bitcoin.
Technical framework of Ethereum
In the 4-hour chart, the formation of banners implies the continuation of the downward trend, at least within the short term. It is worth noting that the price is consolidating with the bearish prejudice after a failed attempt to pay the upper limit to $ 90.00. Both the relative strength indicator (RSI) and the Momentum indicator indicate the negative side and confirm the downside case. Local support comes to $ 84.30. It is created from the lower line of the above mentioned pennant. This area can cool bearish fever; however, once eliminated, the sell-off could gain traction with the next target at the recent low of $ 82.15. A sustainable downward movement will bring ETH into the long-term support area $ 60.00 and $ 50.00.
On the upside, recovery is limited by SMA50 (4 hours) to $ 93.30 and from psychological $ 94.00, which coincides with the upper edge of the pennant. A bullish upturn in the pennant will trigger a strong recovery with the first goal at $ 100.00 and the last short-term goal seen at $ 110.00
ETH / USD, 4-hour chart