[ad_1]
- The price of ETH is currently struggling to overcome the resistance area of $ 124-125 against the US dollar.
- There is a new downtrend line formed with resistance at $ 127 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair could continue to find strong buying interest near the $ 120 and $ 118 support levels.
The price of Ethereum has struggled to break the key resistance against the US dollar and bitcoin. ETH / USD remains supported on declines, but a break above $ 127 is required for further gains.
Price analysis of Ethereum
After an increase in bearish sentiment, the ETH price fell to the support of $ 118 against the US dollar. The ETH / USD pair has found many buyers near the $ 117-118 zone, resulting in a sharp correction of the upside. The price has risen well above the $ 120, $ 124 and $ 127 levels. Buyers were successful in drilling Fibra's 50% retracement level of the recent decline from the swing of $ 130 high to $ 117 swinging low. There was a peak above the simple moving average of 100 hours and $ 128.
However, the price did not remain above the $ 127 resistance and subsequently decreased. There was a refusal close to the Fib retracement level 76.4% of the recent decline from the swing of $ 130 high to $ 117 low swinging. The price is currently trading below the resistance of $ 125 and the simple 100-hour moving average. Furthermore, there is a new downtrend line formed with resistance at $ 127 on the hourly chart of Eth / USD. Therefore, there are some important obstacles near the resistance levels of $ 124, $ 125 and $ 127. A clear break and close above the trend line is needed for an acceleration towards $ 130 and $ 135.
Looking at the chart, the ETH price is facing strong upside resistance near the 100-hour and $ 127 SMA. That said, it remains a good bet on the negative side close to the $ 120, $ 118 and $ 117 support.
ETH Technical indicators
MACD time – The MACD for ETH / USD is currently flat in the bearish wave, with no bullish signal.
RSI timetable – The RSI for ETH / USD is flirting with level 50, with the possibility of an upward move.
Main support level: $ 113
Main resistance level: $ 124
