- ETH bulls failed to push the price above $ 156.00.
- The upside momentum may start fading away at this stage.
Ethereum, the second-largest digital asset with the current market value of $16.6 billion, has recovered from Wednesday’s low of $141.40 to trade at $152.40 by press time. The coin has gained over 4.5% on a day-to-day basis and stayed unchanged since the beginning of Thursday.
Ethereum new supply dropped 7% from 12 600 ETH to 11 800 ETH, while the time of block discovery increased to 15 seconds, according to Etherscan.io. All in all, in November, Ethereum inflation dropped by 13%.
Ethereum’s technical picture
On the daily charts, ETH/USD created a bottom at $132.48 on November 25 and has been growing ever since. However, the recovery momentum has faded away on approach to psychological $156.00 reinforced by the upper boundary of the 4-hour Bollinger Band. Once it is cleared, the upside is likely to gain traction with the next focus on $159.00-$159.40 resistance area, which includes the lower line of the previous consolidation channel, SMA10 (Simple Moving Average) daily and the upper line of 1-hour Bollinger Band.
On the downside, the initial support is created by psychological $150.00, with 38.3% Fibo retracement daily located on approach. A sustainable move below this handle will increase the downside pressure with the next aim at $136.70 ( the lower line of the daily Bollinger Band) and the recent low of $132.48.