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The price of Ethereum traded higher and broke the resistance from $ 92.00 and $ 96.00. ETH / USD hit the resistance of $ 100.00 and currently corrects the lowest level.
- The price of Ethereum has been trading at $ 100.37 and is currently correcting earnings.
- The ETH / USD surpassed an important downtrend line at $ 90.10 on the 30-minute chart.
- The price is following a bullish flag and could find support near $ 93.20.
Price analysis of Ethereum
Yesterday we discussed the fact that the price of Ethereum is triggered for higher earnings over resistance levels of $ 90.00 and $ 92.00. The price shifted higher, broke the barriers of $ 90.00, $ 92.00 and $ 96.00, and moved into a bullish zone. Likewise, there have been solid gains known in bitcoins, eos, ripples and other altcoins.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair took the step above the $ 92.00 level and the 25-minute (30-minute) moving average. During the bullish wave, the price surpassed an important downtrend line at $ 90.10.
He eliminated the path for a solid upward move and the price even broke the resistance of $ 96.00 and $ 98.50. ETH has been trading at $ 100.37 and is currently correcting lower.
The price has recently fallen below the Fib retracement level to 23.6% of the recent wave, from a minimum of $ 86.00 to that of $ 100.37. More importantly, the price is following a bullish flag with current resistance at $ 98.00 on the same chart.
The current price action suggests that there may be a & # 39; downward extension below the $ 95.00 level. The main support is close to the $ 93.20 level and the 50% retracement level of the recent wave from a minimum of $ 86.00 to that of $ 100.37.
Once the current wave of correction is completed, the price could rise above $ 96.00 and $ 98.00. There are also higher odds above the $ 100.37 at the top and the resistance of $ 105.00.
On the other hand, a break below the $ 93.20 support could push the price of Ethereum to the support area of $ 91.50, which was a previous resistance. Overall, ETH remains well supported near $ 93.20 and $ 91.50 if there is a downward correction.
Market data is provided by TradingView, Bitfinex.
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