[ad_1]
Highlights
- The price of ETHs has risen above 120 USD and is close to the resistance level of 125 USD against the US dollar.
- There was a break below an uptrend line that was connecting with $ 119 support on the ETH / USD time chart (data feed via Kraken).
- The pair remains well supported down near the $ 112 and ADM level every 100 hours.
The price of Ethereum has recently increased against the US dollar and Bitcoin. ETH / USD surpassed nearly US $ 125 and then began a downward correction.
Ethereum Price Analysis
Recently, there was a positive break above the US $ 115 level of the ETH price against the US dollar. The ETH / USD pair climbed and surpassed the resistance levels of $ 118 and $ 120. There was even a fence above the pivot level of $ 112 and the simple moving average at 100 hours. The price has traded towards the $ 125 resistance level where sellers have emerged. As a result, there was a downward reaction and the price dropped below $ 120.
During the slippery period, there was a break below the Fib retracement level of 23.6% from the recent wave, from the low of $ 99 up to $ 125. In addition, there was a break below an uptrend line connected with $ 119 support on the ETH / USD time chart. The pair is now approaching two important supports above the $ 112 level. Initial support is $ 114 and the single moving average every 100 hours. The next support is at $ 112 and the Fib retracement level of 50% of the recent wave, from the lowest at $ 99 up to $ 125. If there is a break below $ 112 and $ 111, the price could drop to $ 105.
Looking at the chart, the price of ETHs is trading at a bullish angle above the $ 120 level, but dropped near $ 125. It is currently lowering down to $ 112 support, which could stop the losses.
Hourly MACD – The MACD returns to the bearish zone.
RSI hourly – The RSI has declined and is currently close to level 50.
Major Support Level – $ 112
Major resistance level – $ 120
Source link
