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- The price of ETH is growing slowly and is still well supported at around $ 119 against the US dollar.
- There is a major uptrend line formed with USD 119 support on the ETH / USD time chart (data feed via Kraken).
- The pair could fall by a few points, but it is likely that buyers approaching around $ 119, $ 118 or $ 117 in the short term.
The price of Ethereum fits well in an uptrend relative to the US dollar and bitcoin. ETH / USD could continue to grow to $ 125 and $ 128 in future sessions.
Ethereum Price Analysis
Recently, we saw a short-term downward correction of the high price of ETH ($ 125) against the US dollar. The ETH / USD pair is traded under the support levels of $ 122 and $ 120. However, the $ 117-118 area provided strong support and prevented further losses. The disadvantages were controlled and the price then returned above the resistance level of $ 119. In addition, there was a break above the Fib retracement level of 50% from the recent low of the low of $ 125 to $ 117.
The price has even surpbaded the $ 121 level and is currently well above the single 100-hour moving average. However, the recent uptrend has confronted sellers close to the $ 122-123 area. In addition, the Fib retracement level of 61.8% from the recent fall of the lowest at $ 125 to $ 117 played the role of resistance. The price is currently well above $ 120 and it looks like it could continue to rise. On the upside, the main resistance is around $ 123 and $ 125. On the downside, a major uptrend line is formed with support at $ 119 on the ETH / USD time chart.
Looking at the chart, ETH prices are trading well with a positive bias of over $ 117 and $ 119. If there are corrective solutions, buyers are likely to protect declines below $ 117. On the upside, a break above $ 125 could push the price up to the $ 128 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is currently trading in the bull market.
RSI hourly – The RSI for ETH / USD is currently just below level 60, with a slight bearish angle.
Major support level – $ 119
Major resistance level – $ 123
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