Ethereum is among the cryptocurrencies that have taken the worst-hit in the ongoing crash; from trading highs of $284 in February to intraday lows of $90 (on Coinbase). The freefall has been devastating for the investors. Besides, there are very weak signs that the panic selloff is over despite the recovery to levels close to $150.
At the time of writing, ETH/USD is exchanging hands at $118 amid heightened volatility. It is extremely difficult to technically predict how the market will react in the short term let alone the long term.
ETH/USD daily chart
However, looking at the daily chart, I can tell that the bulls are back and most of them are tired of being forced into hibernation. The Relative Strength Index (RSI) shows a visible recovery from the lows at 22.41. Although the indicator is still under 30, the upward slopping motion doubles down on the gradually improving short term technical picture.
As far as support is concerned, Ethereum is well supported at $100. The dive under $100 bounced off the $90 level, making it another key support area. The 2018 low at $80 will also come in handy to stop the paralyzing losses.
On the upside, $120 is the immediate resistance zone. Ethereum price had broken above it earlier, during the surge to $148.34. Trading above $120 could pave the way for more gains above $130 as bulls focus on attacking the sloth of bears at $150.
Ethereum Key Levels
Spot rate: $118
Relative change: $8.40
Percentage change: 7.61%
Trend: Short term bullish bias
Volatility: High