Similar to the Bitcoin market leader, Ethereum suffered a bearish decline today, but has since recovered and is recording an increase in the daily candle.
If the Fibonacci retracements are taken from Decembers low to the initial high of January, we can see that the price has found support and resistance at different levels.
The downtrend today has brought the price below the $ 114 support, but the price has found a level of retracement of the buyer's liquidity at 0.618 and has since been on the rise.
The price has risen from the decline, but now it seems that resistance is met at a time when the price found some buyer liquidity on Sunday, falling to $ 118.
The price has already met resistance at this point a number of times during the week as a consolidated price.
Multiple tests of a resistance level make it weaker with the progressive lower number of sellers to maintain the level on each test.
This increases the likelihood that the price will rise above this level during today's trading.
Also the MACD and the RSI are increasing, showing short-term momentum with the buyers. Furthermore, the MACD is currently crossing its central line upward, a bullish signal.
Ethereum outperformed the other two major cryptocurrencies during trading in the last 24 hours.
Messari data show Ethereum up 1.16% in the last 24 hours with Bitcoin and XRP increasing 0.8% and 0.02% respectively.
- Ethereum registers Bitcoin-like price action with a bearish decline that finds liquidity at a key and recovering level.
- The price is facing some resistance at $ 118, but there is a strong possibility that it will exceed this level during today's trading.
- Both the hourly MACD and the RSI are on the rise and the MACD is crossing the center line upward.
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