Ethereum has been trending higher, forming higher lows on top of a rising trend line on its 1-hour time frame. Price is hitting a roadblock just past $150 and might need to retrace in order to gather more bullish energy.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse and support is more likely to hold than to break. Price has dipped below the 100 SMA dynamic inflection point, though, as an indication that there is some bearish momentum in play.
Price could test the 38.2% Fib next as this lines up with a short-term area of interest or former resistance. A larger correction could last until the 61.8% Fib closer to the trend line support or the 200 SMA dynamic inflection point that lines up with the previous consolidation. A break below this, however, could indicate that a reversal is taking shape.
Cryptocurrency traders appear to be reviving their bullish bets in anticipation of stronger volumes as Fidelity moves closer to launching its institutional platform next month. However, the rallies are slowing as traders might also be holding out for more clues that it will push through.
Any delays could inspire larger corrections as this would push the much anticipated cryptocurrency rebound a few more weeks or months back. One factor that is also keeping ethereum traders on edge is the mysterious $300K blockchain payout in the mining pool.