RATE Group | ETH/USD spikes to $131.00 amid low liquidity
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ETH/USD spikes to $131.00 amid low liquidity

22 Dec ETH/USD spikes to $131.00 amid low liquidity

Posted at 09:28h in Ethereum News by

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  • ETH/USD has recovered from the recent lows, still below $130.00
  • A sustainable move above $130.00 will improve the technical picture.

Ethereum jumped to $130.98 on Sunday, gaining over 2% of its value in a matter of hours. By the time of writing, the second-largest cryptocurrency exchange retreated to $128.70 and entered a consolidation phase.

While the reasons for a sudden increase remain unknown, experts tend to believe that low liquidity market conditions take their toll. From the technical point of view, a sustainable move above $130.00 will help to create additional bearish momentum and pave the way to an extended recovery towards $134.85 (December 18 high that stopped the previous recovery attempt). Once it is out of the way, the upside is likely to gain traction with the next focus on $140.00. This psychological barrier is reinforced by the middle line of the daily Bollinger Band. Also, it served as a support level in mid-December, before it was broken…

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