- $200 range-bound Ethereum loses steam at $187.66 but this was only a small setback.
- Ethereum on verge of another breakout; likely to close the trading on Monday above $180.
Ethereum is leading the market in recovery in the wake of Bitcoin price surge last week. The fireworks explosion last week saw Ethereum correct above the 61.8% Fib retracement level between the swing high at $187.66 and a swing low of $140.06. The buyers pulled ETH/USD to $180 (last week’s resistance congestion zone). However, the bulls ran out of their mojo and lost the grip hence allowing the bears to sweep in. The declines that following could not be stopped at $170 and 160 support levels. Ethereum stretch to the support congestion zone at $155 before resuming the uptrend.
The trend over the weekend session was incredibly bullish as it allowed the buyers to reverse the trend above $180. With all eyes glued on $200, Ethereum formed a high at $187.66. The uptrend is mainly supported…
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