Ethereum has formed higher lows and found resistance at $166, creating an ascending triangle pattern on the daily time frame. Price is currently testing support and might be due for a bounce back to the top.
The 100 SMA is below the longer-term 200 SMA on this chart, though, so the path of least resistance might be to the downside. Then again, the gap between the two moving averages is narrowing to reflect weakening selling pressure. Also, price is moving above the 100 SMA dynamic support which lines up with the bottom of the triangle and could continue to keep losses in check.
RSI is on middle ground but seems to be climbing back up to signal the presence of bullish pressure. Stochastic has just pulled out of the oversold region to indicate that buyers are taking over while sellers take a break. This might be enough to take price up to the triangle resistance that lines up with the 200 SMA dynamic inflection point.
Ethereum appears to have lost its legs in the period leading up to the Constantinople hard fork, especially since…