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- The ETH price was a solid support at US $ 100 and started a strong upward trend against the US dollar.
- There was a break above a crucial downtrend line with resistance at $ 104 on the ETH / USD 4 hour chart (data feed via Kraken).
- The pair has reached 122 dollars and is consolidating its gains with fork movements.
The price of Ethereum has risen sharply against the US dollar and Bitcoin. ETH / USD is now positioned in a bullish zone above support levels of $ 114 and $ 112 in the near term.
Ethereum Price Analysis
Last week, we saw a further drop in ETH prices towards support levels of $ 102 and $ 100 versus the US dollar. The ETH / USD pair found a strong buying interest close to the $ 100 level and then began a sharp rise. He broke many resistances such as $ 104, $ 107, $ 112, $ 114 and $ 116. Most importantly, there was a fence above the $ 112 barrier and the single moving average (4 hours). It seems that a double bottom pattern was formed at $ 100, resulting in a break-up above $ 110.
In addition, there was a break above a crucial downtrend line with resistance at $ 104 on the 4 ETH / USD chart. The pair has traded to the $ 125 level and has peaked near $ 122. Later, the price began to consolidate gains below the $ 120 level. He tested the Fib retracement level of 23.6% from the last wave, from the lowest at $ 100 to the highest at $ 122. The current share price is positive above the $ 116 level. If there is a negative extension, the price can test $ 114 and the simple moving average (4 hours). In addition, the 50% Fib retracement level of the last wave, from the lowest at $ 100 to the highest at $ 122, is also approaching the $ 111 level to serve as a solid backing.
The chart above shows that ETH prices are now well positioned in a bullish zone above support levels of $ 114 and $ 112. In contrast, the main resistors are $ 124, $ 125 and $ 132.
Technical indicators
MACD 4 hours – The MACD for ETH / USD is slowly reducing its upward slope.
RSI 4 hours – RSI for ETH / USD is currently well above level 60.
Major Support Level – $ 114
Major resistance level – $ 124
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