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The price of Ethereum traded higher and broke the resistance from $ 116.00 and $ 120.00. ETH / USD was trading at $ 127.91 and subsequently started a short-term correction.
- The price of Ethereum rose to a positive zone above $ 116.00 and $ 120.00 levels.
- ETH / USD is currently following a bullish flag pattern with resistance at $ 121.80 on the 30-minute chart.
- The price remains well supported on declines near the levels of $ 115.30 and $ 110.40.
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Price analysis of Ethereum
Yesterday we discussed a two-fund model for the price of Ethereum near the $ 102.00 support area. The price formed a solid base and started a bullish wave above $ 108.00, $ 112.00 and $ 116.00 resistance levels.
Click to enlarge the chart
Looking at the 30-minute chart of Eth / USD, the pair gained momentum above the resistance of $ 116.00 and broke the resistance from $ 120.00 and $ 122.0. The price traded to the $ 128.00 level reached a maximum of $ 127.91 and stood above the simple moving average at 25 (30 minutes).
Subsequently, there was a downward correction and the price fell below the $ 120.00 level and the 25 simple (30 minute) moving average. Also, there was a break below the fiber retracement level of 23.6% of the last wave, from $ 102.20 down to $ 127.91 up.
More importantly, the price is currently following a bullish flag pattern with resistance at $ 121.80 on the same chart. The resistance of the channel is important close to $ 122.00 as it coincides with the simple moving average at 25 (30 min).
Therefore, if there is an upward break above the resistance to the flag, the price may start to rise above $ 126.00. It could even exceed $ 127.91 and trade towards $ 130.00.
On the downside, initial support is $ 118.00, below which the price could test the $ 115.20 support area. Represents the 50% fiber retracement level of the last wave from the low of $ 102.20 to $ 127.91 maximum.
Overall, the price of Ethereum is well positioned in a rising trend above $ 115.20 and $ 116.00. If ETH / USD skips over $ 122.00, it is likely to resume its move upwards above $ 126.00. The next significant hurdle for buyers is around the $ 138.00 level.
Market data is provided by TradingView, Bitfinex.
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