Technical market overview:
The ETH/USD pair is continuing the horizontal consolidation between the technical support at the level of 170.35 and technical resistance at the level of 183.34. There is a clear bearish divergence between the last two swings, so the bulls do not have enough power to carry on the move up. 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 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.
