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- The price of ETHs remained in a range and consolidated above 114 and 116 dollars against the US dollar.
- There was a break below a short-term contractual triangle with support at $ 119 on the ETH / USD time chart (data feed via Kraken).
- The pair could continue to consolidate and could even test the $ 114 support zone in the near term.
The price of Ethereum shows signs of prolonged consolidation against the US dollar and Bitcoin. ETH / USD could fall back to $ 114 before the next bullish move.
Ethereum Price Analysis
Recently, we have seen a decent rise in the price of ETHs above the $ 122 level against the US dollar. The ETH / USD pair tested the resistance zone at $ 125 and later corrected. It fell below the levels of 124 and 122 dollars to begin a bearish correction in the short term. There was a break below the Fib retracement level of 50% of the last stage, from the lowest swing at $ 115 to $ 125. The price even traded below the $ 120 level, but remained above the simple 100-hour moving average.
In addition, there was a break under a short-term contractual triangle, with support at $ 119 on the ETH / USD time chart. The pair tested the $ 117 level, where buyers emerged. In addition, it traded close to the Fib retracement level of 76.4% from the last stage, from the low of $ 115 to $ 125. The pair is currently trading above the $ 116 support, with some bearish signs. To climb higher, the price must break the resistance levels of $ 122 and $ 123. On the other hand, if it does not exceed 122 dollars, ETH sellers can push the price towards the 114 dollar support.
Looking at the chart, the ETH price is well above support at $ 114 and ADM every 100 hours. In the future, there may be fork movements over $ 114 before the price moves to the next move. This could break the $ 122 resistance or extend the bearish correction below $ 114.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD has returned to the bearish zone.
RSI hourly – The RSI for ETH / USD is currently moving up to level 50, with a bullish angle.
Major Support Level – $ 116
Major resistance level – $ 122
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