Ethereum doesn’t seem to have gotten much of a boost from the hark fork upgrade as price continues to tread lower inside a descending channel. Price is currently testing support but might be due for a bounce back to the top at $138.
The 100 SMA is below the longer-term 200 SMA, though, so the path of least resistance is to the downside. In other words, the downtrend is more likely to persist than to reverse. More so, support is more likely to break than to hold. If that happens, ethereum could be in for a steeper slide. The 100 SMA is currently holding as dynamic resistance around the mid-channel area of interest.
RSI is pointing down to confirm the presence of selling pressure but is also dipping into the oversold region to indicate exhaustion among bears. Stochastic has managed to pull up from the oversold zone but is making another downward crossover to signal its intention to move back down. A break below $130 could be enough to signal that more sellers are in control.
A few days back, system-wide upgrades to the…