Technical Analysis – ETHUSD rebounds to challenge 23.6% Fibonacci region

Melina Deltas, XM Investment Research Desk

ETHUSD has been moving below the 23.6% Fibonacci retracement level of the upleg from 99.00 to 148.15, around 136.40 after hitting the 138.65 resistance level. In addition, the price holds above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, while the RSI indicator stands flat in the positive area and the MACD is gaining momentum above the zero line.

Resistance could occur around the 23.6% Fibonacci and the 138.65 barrier. A break above this area could increase the bullish sentiment, retesting the 146.36 hurdle, which holds slightly below the five-month high of 148.15.

On the downside, the Ethereum may meet immediate support at the Ichimoku cloud around 133.55 and the 40-SMA at 132.44. If the market manages to drop below these levels, the price could hit the 38.2% Fibonacci of 129.12.

To sum up, the short-term bias remains neutral to bearish, especially after the price failed to create a bullish rally above the 148.15 at the end of the previous month.