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Highlights
- The ETH price retested the support zone of $ 100 and rebounded slightly against the US dollar.
- Yesterday's downtrend line remained intact with resistance at $ 110 on the ETH / USD time chart (data feed via Kraken).
- The pair could more quickly correct resistance levels of $ 114 and $ 118 in the near term.
The price of Ethereum is slowly rising against the US dollar and Bitcoin. ETH / USD could test the key resistance zone at 118 USD in the short term.
Ethereum Price Analysis
Yesterday, we saw a further dip below the US $ 112 level of the ETH price against the US dollar. The ETH / USD pair even surpassed the support levels of $ 110 and $ 106. In addition, the closing was less than $ 110 and the simple moving average of 100 hours. The decline was such that the price retested the $ 100 support area where buyers emerged. A minimum was formed near $ 99 and later, the price started a short-term correction.
It has risen above the $ 206 level and the Fib retracement level by 23.6% from the recent $ 119 maximum drop of $ 99 or more. However, the price is currently facing a severe resistance close to $ 110-112. In addition, yesterday's important downtrend line remained intact with resistance at $ 110 on the ETH / USD time chart. Around the trend line, the SMA every 100 hours is positioned at $ 112. In addition, the Fib retracement level of 61.8% from the recent fall of the low to $ 119 to $ 99 is $ 111. As a result, the $ 110-112 zone is a significant resistance for buyers. A break above $ 112 could push the price towards the next big resistance at $ 118.
Looking at the chart, the price of ETH is slowly recovering above 106 and 108 dollars. However, an appropriate close above the $ 118 level is needed for a larger upward movement. Otherwise, the price could go down to the $ 100 level.
Hourly MACD – The MACD is evolving well in the bullish zone.
RSI hourly – The RSI is now positioned well above level 50.
Major Support Level – $ 100
Major resistance level – $ 118
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