On the 4-hour chart, ETHUSD reversed from the intraday high reached at $120.85, though it's still trading above critical SMA200 (currently at $113.75). This setup implies that ETHUSD has a good chance to resume the upside recovery and retest the area above $120 handle.
On the other hand, the RSI has reversed to the downside, which means that a deeper correction is possible before the upside trend is resumed.
The ultimate short-term support lies with psychological $100.00 level and a cluster of SMA50 and SMA100. A sustainable movement below this area will negate positive forecast as the downside trend will be resumed.
On the other hand, the RSI has reversed to the downside, which means that a deeper correction is possible before the upside trend is resumed.
The ultimate short-term support lies with psychological $100.00 level and a cluster of SMA50 and SMA100. A sustainable movement below this area will negate positive forecast as the downside trend will be resumed.