The reaction of the superior double model imposes

• The price of Ethereum is still hovering for a correction above $ 160.
• Fred Wilson says the criptos will continue to suffer under increasing pressure and even retest the lows.

Ethereum is the strongest daily gain on Friday and is leading the market recovery. As discussed earlier, the resource is still ready for a correction above $ 160. However, buyers must prepare themselves with the armor to combat the resistance at $ 158.

A venture capitalist recently shared his predictions on the crypto-market in which he claims that digital resources will eventually demarcate at some point in 2019. This move will allow the market to end the broad downtrend, reversing the trend in a bullish run. However, the founder of Union Square Ventures, Fred Wilson says that the criptos will continue to suffer under increasing pressure and even retest the lows.

At the beginning of 2019, Ethereum is among the best performances on the market. Not only has it reacquired its position as the second global digital asset, but it has also added at least 15% to its value since 1 January. In addition to this, there was a correction above the simple moving averages (15 minutes of 50 days and 100 days) which triggered further upward corrections. However, the inability to overcome resistance to $ 158 led to the formation of a two-pronged model.

A reaction to the double-top model led to a bearish retracement where ETH / USD is trading hands at $ 156. The bulls should not allow Ethereum to lose $ 154; a move that could retest support for $ 150- $ 148. The price is still above the simple moving averages in the 15 & # 39; range. In addition to this, the Relative Strength (RSI) has changed direction to the top. Furthermore, the Moving Average Convergence Divergence (MACD) has maintained its position in the positive region. There is still an upward correction, as the purchase pressure still exists.

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Ethereum (ETH) challenges the bear market to stay in the green

Chart ETH / USD 15 & # 39;