El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
The price of ETH/USD has been struggling for recovery and correction to the upside.
In the previous week, the price went under the support levels at $144 and $142. It continued to the downside under the support level at $140 support, thereby forming a fresh low in the month close to $139.
Later, it was able to retrace to the upside over the hurdle at $142. Nevertheless, there was a capping of the move to the upside by the hurdles between $145 and $146. There was the formation of a high close to $146, and it is now moving towards the downside.
The decline has taken it close to the support zone at $140 and still at a risk of more downsides. A first hurdle is close to $141, and it is close to the 23.6 percent Fib retracement level of the decline recently from the $146 high to $140 low.
A look at the upside on the 4-hour chart of Ethereum against the USD shows several resistances close to $142 and $144. Likewise, a key selling trend line is formed with a hurdle close to $142 on the same chart.
Hence, the pair needs to surge over the hurdle at $142 to have a modest recovery. The major hurdle remains close to $144 and $146. Hence, if it closes over the hurdle at $146, there could be more recovery towards the hurdles at $152 and $155.
A look at the downside shows the first support close to $140. The occurrence of a daily close under $140 could pose the risk of further decline towards $135 and $132 in the coming sessions ahead.