- ETH/USD has settled in a new range.
- Pivotal resistance is created by $159.30.
ETH/USD dropped from a seven-week range at the end of November. A sustainable move below $159.30 took the coin to a new tight channel limited by $158.00 on the upside and $132.00 on the downside. The second-largest digital asset, with the current market value of $16.1 billion, has stayed unchanged on a day-to-day basis and gained 1.4% in recent seven days. On a monthly basis, ETH is down 18%.
Ethereum’s technical picture
On the long-term charts, ETH/USD has retreated from a local top at $158.00 (November 29) to trade at $148.63 at the time of writing. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on the above-mentioned 159.30 (the lower boundary of the previous range). This development will improve the long-term technical picture and allow for a sustainable recovery towards $178.00 ( SMA100 (Simple Moving Average) daily) and $182.00 (SMA50 weekly). The next strong barrier is created by a psychological $200.00.
On the downside, the initial support is created by psychological $140.00. Once it is out of the way, the sell-off may continue towards $132.50 (November 25 low) and $131.50 (the lower line of the daily Bollinger Band).