[ad_1]
The price of Ethereum has risen higher and has broken resistance from $ 98.50, $ 100.00 and $ 101.00. The ETH / USD seems to follow a nice upward trend above $ 100.00 and could trade further up.
- The price of Ethereum rose higher and traded near the resistance zone of $ 110.00.
- ETH / USD is following an important uptrend line with support for $ 98.50 on the 30-minute chart.
- The price remains well supported and could extend earnings above $ 108.70 and $ 112.00.
Price analysis of Ethereum
There was a steady increase in the price of Ethereum above the resistance zone of $ 90.00. The price broke the resistance from $ 98.50, $ 100.00 and $ 104.00 to move into a bullish zone. Likewise, bitcoins and ripples have gained bullish momentum and have been traded to new weekly highs.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair formed a support base near the levels of $ 94.50 and $ 95.00. Later, the price rose above the resistance levels $ 98.50 and $ 99.00 to start a new upward move.
The buyers pushed the price above the resistance by $ 104.00 and a new weekly high amounted to $ 108.70. At the moment, the price is less than $ 106.00, but remains well above the 25-minute (30-minute) moving average.
It looks like it is following a bullish flag and has fallen below the Fib retracement level to 23.6% of the last run from $ 95.42 down to $ 108.70 at the top. Under the support of the bullish flag, the price may extend the downward correction towards the support of $ 100.00 and the 25 SMA.
In addition, the 50% retracement level of Fibra's last run from the low of $ 95.42 to $ 108.70 is close to $ 102.00 to serve as a decent support. More importantly, there is an uptrend line formed with support for $ 98.50 on the same chart.
Therefore, if there is a downward correction below $ 104.00, it is likely that the ETH price will find offers close to $ 98.50-100.00. On the upside, a break above $ 108.70 will probably set the pace for further gains above $ 110.00 and $ 112.00 levels. The next target for Ethereum buyers could be $ 120.00, which is great resistance.
Market data is provided by TradingView, Bitfinex.
Source link
