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- The ETH price tested the $ 110-111 support area and then rebounded above $ 116 against the US dollar.
- The bearish trend line followed by this week has been exceeded with a resistance to $ 118 on the hourly table of ETH / USD (data feed via Kraken).
- The pair is now positioned above the resistance of $ 116 and may continue to move higher towards $ 125.
The price of Ethereum started a good upward recovery against the US dollar and bitcoin. The ETH / USD could gain momentum once the resistance zone of $ 121-122 is over.
Price analysis of Ethereum
Recently, there was a 'downward extension under the support area of $ 114 in the ETH price compared to the US dollar. The ETH / USD pair dropped below the $ 112 level and tested the $ 110-111 support area. However, buyers protected the $ 110-111 support area and the price returned slowly thereafter. It exceeded the resistance levels of $ 112, $ 114 and $ 116. There was also a break above the 50% Fibra retracement level of the recent decline from the low of $ 124 to the minimum of $ 111. .
More importantly, the following bearish trend line followed by this week has been outdated with a resistance to $ 118 on the hourly chart of Eth / USD. The pair has exceeded the $ 118 level and is currently consolidating gains. In addition, the simple 100-hour moving average acts as a resistance near the $ 119-120 zone. The 61.8% retracement level of Fibra's recent decline from the low of $ 124 to $ 111 is also close to $ 119. Therefore, an adequate break above the resistance levels of $ 119, $ 120 and $ 122 could further push the price. The next major resistance is $ 125, where sellers could emerge.
Looking at the chart, the ETH price has clearly returned back from the $ 110-111 support area. However, it must exceed the resistance levels $ 119, $ 120 and $ 122 to stay in a positive zone. Otherwise, it is likely that the price cuts the recent gains and returns to the support level of $ 114.
ETH Technical indicators
MACD schedule – The MACD for ETH / USD is slowly returning to the bearish zone, with no big negative signs.
RSI timetable – The RSI for ETH / USD is currently positioned well above the 50 and 55 levels.
Main support level: $ 114
Main resistance level: $ 120
