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The price of Ethereum has recently recovered over the resistance of $ 86.00. The ETH / USD trades with a positive bias and could rise above $ 90.00 if there are no downside breaks below $ 85.00.
- The price of Ethereum is forming a solid support near the $ 86.00 level.
- The ETH / USD is facing a resistance near $ 90.00 and a downtrend line on the 30-minute chart.
- The price is likely to rise above $ 90.00 and $ 92.00 in the short term.
Price analysis of Ethereum
Last week, there was a steady decline below the $ 90.00 level in the price of Ethereum. The decline was such that the price even broke the support of $ 85.00 and a low was close to $ 83.17.
Click to enlarge the chart
Looking at the 30-minute chart of Eth / USD, the pair recovered well after trading for $ 83.17. He rebounded above $ 85.00 and the 25-minute (30-minute) moving average. The recent upward move has been positive as the price has even broken resistance of $ 90.00.
A maximum was formed at $ 91.46 before the correct price was lower. It has moved below the $ 88.00 level and the Fib 50% retracement level of the last wave from the low of $ 83.17 to $ 91.46 high.
However, the price found strong support near the $ 86.00 level, which acted as support and resistance on many occasions. In addition, the Fib retracement level of 61.8% of the last wave from the minimum of $ 83.17 to that of $ 91.46 is also close to the $ 86.00 level.
The graph also indicates that there is a possibility of a reverse head and shoulder model with support for $ 86.00. The upside breakout level is close to the $ 90.00 area. Furthermore, there is a downward trend line in place with current resistance near $ 89.90 on the same chart.
Therefore, a correct break and closing above the trendline and $ 90.00 is required for an upward extension towards the $ 95.00 and $ 100.00 levels. On the other hand, if Ethereum fails to keep the key supports $ 86.00 and $ 85.00, there may be a new fall. In the bearish case, ETH could slip below $ 85.00 and revisit the $ 83.00 area.
Market data is provided by TradingView, Bitfinex.
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