- The ETH price is currently consolidating above the support levels of $ 116 and $ 117 against the US dollar.
- The key bearish trend line highlighted yesterday is active with resistance to $ 126 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair could gain momentum sooner or later, as long as it is higher than the support of $ 116.
The price of Ethereum is traded in range against the US dollar and bitcoin. ETH / USD may start a solid upward move if it continues to hold the $ 116 short-term support area.
Price analysis of Ethereum
Recently, the ETH price rose above the resistance of $ 125 and made an attempt to break $ 128 against the US dollar. However, the ETH / USD pair failed to gain strength beyond the resistance of $ 128 and subsequently refused. It has moved below support levels $ 125 and $ 123. More importantly, there was a break below the $ 121 level and the simple 100-hour moving average. However, support levels $ 116 and $ 117 once again acted as solid support and prevented further declines.
A minimum was formed close to $ 117.27 and the price then recovered. It rose above the Fib retracement level of 23.6% from the last drop from $ 128 up to $ 117 at the bottom. On the upside, there are many barriers to buyers, starting at the $ 123 level and the simple 100-hour moving average. Also, it coincides with the 50% fiber retracement level of the last drop from $ 128 up to $ 117 down. In addition, yesterday's key bearish trend line is active with resistance to $ 126 on the hourly chart of Eth / USD. An intermediate resistance is close to the $ 125 level and the Fib retracement level of 61.8% of the last drop.
Looking at the chart, the ETH price is likely to have difficulty erasing resistance levels of $ 123, $ 125 and $ 128. That said, as long as the price exceeds $ 116, it could start a steady rise in the short term.
ETH Technical indicators
MACD time – The MACD for ETH / USD is slightly positioned in the bullish zone, with a flat structure.
RSI timetable – The RSI for ETH / USD moves nicely above level 50, but without bullish signals.
Main support level: $ 116
Main resistance level: $ 128