Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price tested the $120-121 support area and started consolidating against the US Dollar.
- There was a break above a short term bearish trend line with resistance at $130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may trade in a range for some time before a fresh upside towards the $140 level.
Ethereum price is holding important supports against the US Dollar and bitcoin. ETH/USD could resume its upward move towards $140 or $142 in the near term.
Ethereum Price Analysis
Yesterday, we discussed the chances of ETH price holding the 100 hourly simple moving average against the US Dollar. The ETH/USD pair did correct lower and tested the $120-121 support area. However, buyers were able to prevent losses below $121 and the 100 hourly simple moving average. A low was formed at $121.71 and later the price started trading in a range.
The price crawled back above the $130 level, with a positive angle. There was a break above the 23.6% Fib retracement level of the last decline from the $159 high to $121 low. Moreover, there was a break above a short term bearish trend line with resistance at $130 on the hourly chart of ETH/USD. It has opened the doors for more gains and the price may now trade towards $138 or $140. Besides, the 50% Fib retracement level of the last decline from the $159 high to $121 low is near the $140 level. Therefore, if the price continues to move up, it could face resistance near the $140 or $142 levels.
Looking at the chart, ETH price is holding the $121 support and the 100 hourly SMA. Therefore, there could be a decent upside move towards $140. On the flip side, if there is a downside break below $121, the price may decline to $112.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is now placed above the 50 level.
Major Support Level – $121
Major Resistance Level – $140