[ad_1]
- $ 121 and $ 126 against the US Dollar.
- Yesterday's highlighted important trend line was breached at $ 121 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair tested the $ 130-132 resistance area.
US dollar and bitcoin. ETH / USD could continue to move higher towards $ 136 after a minor downside correction.
Ethereum Price Analysis
Yesterday, we saw a nasty decline below the $ 121 and $ 115 supports in the ETH price against the US Dollar. The ETH / USD pair traded as low as $ 113.48 and started consolidating. Later, sellers slowly lost control, resulting in a bullish reaction above $ 115 and $ 118. The price rallied more than $ 15 and broke the $ 121 and $ 126 resistance levels. 23.6% Fibrement of the last major decline from the $ 151 high to $ 113 low.
More importantly, yesterday's highlighted important trend line was breached at $ 121 on the hourly chart of ETH / USD. The pair settled above the $ 125 level and the 100 hourly simple moving average. It is traded close to the 50% Fib. At the moment, the price is consolidating gains above the $ 125 level and the 100 hourly SMA. Dips from the current levels remain supported near $ 125 and $ 124. In the bearish zone, the main support is now $ 121-122.
Looking at the chart, ETH price is showing a few positive signs above $ 121 and $ 125. If it breaks the $ 130-132 zone, there could be more gains in the near term. The next stop could be $ 136, which is the 61.8% Fib retracement level of the last major decline.
ETH / USD Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly reducing its bullish slope, signaling a short term correction.
Hourly RSI – The RSI for ETH / USD is currently well above the 60 level, with a minor bearish angle.
Major Support Level – $ 121
Major Resistance Level – $ 132
