ETH/USD stops within a whisker of 50% Fibo support

Fibo Quantum

  • Ethereum recovery capped at $184 resistance while $180 becomes the new pivotal level.
  • The 50% Fib level is the most important short-term support but both 100 SMA and the 61.8% Fibo are in line as support zones.

The sellers on the cryptocurrency market are still holding the buyers at hostage. In fact, if this situation continues a while longer, investors will start getting jitters. It is good to consider ETH has plunged from highs above $360 to test lows around $155. The recovery from the recent drop lacks a catalyst while at the same time support areas remain vulnerable.

The Ethereum 2.0 is still in development, although at the last stages. A tentative launch date had been mentioned to take place after this year’s Christmas holidays but delays have already been anticipated. Besides, an official late is yet to be picked. Ethereum 2.0 is meant to migrate the network to a proof-of-stake protocol from the current proof-of-work consensus algorithm. Faster transactions and higher capacity for decentralized applications are just but a few of the features expected.

Meanwhile, Ethereum is trending a subtle 0.09% lower on Wednesday. The prevailing trend is slightly bearish, although the 1-hour chart clearly shows a recovery from the main short-term support at the 50% Fib retracement level. The upside has been capped at $184 while $180 is the new pivotal. Also providing support is the 100 Simple Moving Average and the 61.8% Fib level.

Indicators are slightly especially with the Moving Average Convergence Divergence stuck in the negative zone. However, a visible upward correction towards the mean line will most likely encourage the bulls to believe in their own strength.

ETH/USD 1-hour chart

Wood Profits Banner>