[ad_1]
Key points
- The ETH price extended and exceeded the resistance area of $ 114-116 against the US dollar.
- The following week the main uptrend line is intact with support for $ 106 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair remains in a solid uptrend and approaching $ 108 and $ 106 will likely find strong bids.
The price of Ethereum has gained bullish momentum against the US dollar and bitcoin. ETH / USD traded near $ 120 and remains well supported for further gains.
Price analysis of Ethereum
Yesterday we discussed the fact that dives in the ETH price remain supported above $ 97 compared to the US dollar. The ETH / USD pair corrected lower in the short term, but buyers protected the $ 97-100 support zone. Next, there was a new upward move and the price was trading above the resistance levels $ 110 and $ 112. The price even broke the resistance zone from $ 114-116 and traded close to the $ 120 level.
It has formed a maximum close to $ 119 and the price is currently lowering. Initial support is $ 114 and the Fib retracement level at 23.6% of the recent leg from $ 99 low to $ 119 high. However, the main support is close to the $ 109-110 zone, which was previously a resistance. In addition, the main uptrend line followed by this week is intact with support for $ 106 on the hourly chart of Eth / USD. The trendline approaches the 50% fiber retracement level of the recent leg, from $ 99 to $ 119. Therefore, if the price corrects lower, it might find support near the $ 108-109 zone.
Looking at the chart, the ETH price remains in an upward trend above $ 106 and the simple 100-hour moving average. On the upside, a break above the $ 119-120 area can push the price towards $ 125 or even $ 130.
MACD time – The MACD is slowly returning to the bearish zone.
RSI timetable – The RSI is currently correcting the lowest level from level 70 to level 55.
Main support level: $ 108
Main resistance level: $ 120
Source link
