The bulls are in the market for Ethereum in this session demonstrated a feeble attempt to establish control over the key support level of $138,20. At the auction on the ETH November 22 we support at historic low prices – $121,50.
The four-hour chart the ETH/USD
At the time of market analysis the Ethereum paired with the US dollar listed for $130,40.
In this session the bulls failed to develop the upside movement of the pair of ETH/USD to consolidate above key level of $138,20. Sessional maximum prices Ethereum is fixed at $138,48.
It should be noted that the resistance level is enhanced by the moving average EMA14 with the current value on the price scale, the four-hour schedule – $138,10.
An early signal of the impending rollback of the quotes of ETH/USD from the level of day high prices gave an indicator of the relative strength index RSI14. On the four-hour chart with the indicator formed a quick bearish divergence, which is currently fulfilled by the market.
In turn, the RSI line most of the time does not change to the horizontal direction, the indicator values are on the border with the overbought, which clearly indicates the fatigue of the bulls.
It is expected that before the end of the current session, the bears will test the support price of Ethereum in a narrow range of $126-124.