Technical market overview:
The ETH/USD pair has bounced from the lows around the level of 172.00 and the bulls are again trying to test the recent highs, but the bearish divergence between the price and the momentum oscillator might prevent the uptrend to resume today. The level of the day is the support at 170.35 as any violation of this level would lead to the deeper correction with a target at 159.44.
Weekly Pivot Points:
WR3 - $226
WR2 - $201
WR1 - $186
Weekly Pivot - $162
WS1 - $146
WS2 - $120
WS3 - $106
Trading recommendations:
The market is trying to rally again so the longer-term buy orders should remain open and the protective stop-loss might be moved higher to the level of $170. The daytraders should keep an eye on the level of $177 as any breakout below this level would indicate a deeper correction and further wave (4) development.
