Analysis

Ethereum Price Analysis: ETH Consolidating Before Fresh Upside

Key Highlights

  • ETH price tested the $ 120-121 support area and started consolidating against the US Dollar.
  • There was a break above a short term bearish trend line with resistance at $ 130 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may trade in a range for some time before a fresh upside towards the $ 140 level.

Ethereum price is holding important supports against the US Dollar and bitcoin. ETH/USD could resume its upward move towards $ 140 or $ 142 in the near term.

Ethereum Price Analysis

Yesterday, we discussed the chances of ETH price holding the 100 hourly simple moving average against the US Dollar. The ETH/USD pair did correct lower and tested the $ 120-121 support area. However, buyers were able to prevent losses below $ 121 and the 100 hourly simple moving average. A low was formed at $ 121.71 and later the price started trading in a range.

The price crawled back above the $ 130 level, with a positive angle. There was a break above the 23.6% Fib retracement level of the last decline from the $ 159 high to $ 121 low. Moreover, there was a break above a short term bearish trend line with resistance at $ 130 on the hourly chart of ETH/USD. It has opened the doors for more gains and the price may now trade towards $ 138 or $ 140. Besides, the 50% Fib retracement level of the last decline from the $ 159 high to $ 121 low is near the $ 140 level. Therefore, if the price continues to move up, it could face resistance near the $ 140 or $ 142 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is holding the $ 121 support and the 100 hourly SMA. Therefore, there could be a decent upside move towards $ 140. On the flip side, if there is a downside break below $ 121, the price may decline to $ 112.

Hourly MACDThe MACD is slowly moving in the bullish zone.

Hourly RSIThe RSI is now placed above the 50 level.

Major Support Level – $ 121

Major Resistance Level – $ 140

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Analysis – NewsBTC

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