ETHUSD Gains Slightly on the Day, Fighting to Stay Above Key Support

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Written By: Eno Eteng (MSTA)

Nov 26, 2019, 15:53 GMT 15:53

Ethereum

Summary:

Ethereum recovered some of the weekend's losses in yesterday's trading, but ETHUSD is fighting to stay above a key support level.

ETHUSD was able to claw back some gains in yesterday’s trading, but is fighting to stay above a key support-turned-resistance area in its bid to regain upside momentum. ETHUSD is up 1.45% on the day, having been able to bounce off its multi-month lows and spring above the 144.97 support-turned-resistance line. Having pushed above this price level, today’s candle has dropped lower and is now testing this area once more.

Technical Outlook for ETHUSD

A bounce off present price levels would restore some upside momentum on ETHUSD, but this may be limited as the mood in the market is still bearish. Such a bounce would provide a springboard to test 152.96 (previous lows of April 3, September 26 and October 23). If further upside momentum exists, a test of 168.62 (previous clusters of lows from May 2 – 11 and September 27 – October 2) would be on the cards.

On the flip side resumption of the downtrend via a breakdown of the current price support level would open the door for a push towards 131.63 (previous highs of January 15/16 and previous lows of March 6-10 and March 25).

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.