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- The general trend is positive as long as the currency remains above 4 hours of SMA200.
- RSI implies that the correction is not over.
ETH / USD is hovering at $ 114.50, gaining almost 5% from this Thursday hour. The third largest currency with a market value of $ 11.9 billion saw a sharp increase in average trading volumes of over $ 3 million from $ 2.2 billion the previous day.
Technical framework of Ethereum
On the 4-hour chart, the ETH / USD reversed the intraday level reached at $ 120.85, although it is still trading above the critical SMA200 (currently at $ 113.75). This configuration implies that the ETH / USD has a good chance of resuming recovery on the upside and repeating the area test above the $ 120 handle.
On the other hand, the Relative Strength Index has reversed downwards, which means that a deeper correction is possible before the upward trend resumes.
The maximum short-term support is the psychological level of $ 100.00 and a cluster of SMA50 and SMA100 (4 hours) at (96.00). A sustainable movement below this area will cancel the positive forecasts while the downward trend will resume.
ETH / USD, 4-hour chart
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