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- ETH price remained nicely supported on the downside above $120 and $118 against the US Dollar.
- Yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is following a bullish structure and it could continue to move higher above $125 in the near term.
Ethereum price is slowly gaining bullish momentum against the US Dollar and bitcoin. ETH/USD is likely to break the recent high and trade above the $128 and $130 resistance levels.
Ethereum Price Analysis
In the past few sessions, there were mostly range moves below the $125 resistance in ETH price against the US Dollar. The ETH/USD pair dipped towards the $118 and $120 supports on a couple of occasions. However, buyers were able to defend losses, resulting in a bullish reaction. Recently, there was a nice upward move and the price spiked above the $125 resistance, but buyers failed to hold gains. A high was formed at $125.41 and later the price corrected lower. It dipped below the $124 and $122 levels. Besides, there was a break below the 50% Fib retracement level of the recent wave from the $117 low to $125 swing low.
The decline found support near the key $120 level. More importantly, yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD. The pair also tested the 61.8% Fib retracement level of the recent wave from the $117 low to $125 swing low. At the outset, the price is trading nicely above the $120 support and the 100 hourly simple moving average. It seems like the price may continue to trade in a range above $120 before the next move. If there is a downside break below $120, $119, and the 100 hourly SMA, there could be more declines. The next stop for buyers could be the $115 area. It coincides with the 1.236 Fib extension level of the recent wave from the $117 low to $125 swing low.
Looking at the chart, ETH price is clearly trading nicely above the $120 support. Having said that, buyers need the $125 resistance to gain strength. A clear break and follow through above $125 and $126 could set the pace for more upsides. The next key targets could be $128 and $130 in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently placed well above the 50 level, with no bearish sign.
Major Support Level – $120
Major Resistance Level – $125
