ETH/USD recovery hits a wall at $140, how nigh is $200 critical level?

Fibo Quantum

  • Ethereum price recovery this week stalls under $140 but the bulls hold on to the throttle.
  • ETH/USD likely to get an upward boost on breaking above the resistance at the 23.6% Fibo.

Ethereum price is the only digital asset trading in the red among the top three cryptos. Bitcoin (BTC) is up 1.55% on the day to trade at $6,595 while Ripple is up a whopping 7% on the day to trade at $0.1587. The rest of the crypto market is mixed red and green but mostly green. Some of the best performing cryptocurrencies of the day include Monero (XMR), Dash (DASH) and Ethereum Classic with 15%, 12% and 7.7% in intraday gains respectively.

Ethereum price technical picture

ETH/USD is trading at $136 while battling the key resistance at the 23.6% Fib retracement level of the last drop from $288.69 to a low of $90.00. The next hurdle at $140 has recently been tested and even broken when Ethereum price rose to a new weekly high at $154 on Friday. Therefore, there is a big chance that with the right volume, bulls could easily take down the resistance and stage another assault on $155 and $160 seller zones respectively.

Meanwhile, the technical picture is relatively bullish on Tuesday as the Asian session grinds to a halt to usher in the European session. The RSI is above the oversold while its horizontal motion suggests that sideways trading could take over. A consolidation movement is also likely to allow the bulls to gather the strength to push the price towards the coveted $200 level. Besides, the Elliot Wave Oscillator is still recording an interrupted bullish session since March 17. As far as a reversal is concerned, Ethereum could seek support at $130, $120, $110 and $100.

ETH/USD daily chart