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Key points
- The ETH price retested the $ 100 support area and recovered slightly against the US dollar.
- Yesterday's important bearish trend line is intact with resistance to $ 110 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair could correct higher in the short term towards the resistance levels $ 114 and $ 118.
The price of Ethereum is slowly moving towards the US dollar and bitcoin. ETH / USD could test the key resistance area of $ 118 in the short term.
Price analysis of Ethereum
Yesterday we saw a new fall below the $ 112 level of the ETH price compared to the US dollar. The ETH / USD pair even broke the $ 110 and $ 106 support levels. Also, there was a close below $ 110 and a 100-hour simple moving average. The decline was such that the price returned the $ 100 support area in which the buyers emerged. A minimum was formed close to $ 99 and later the price started a short-term correction.
It has moved above the $ 206 level and the Fib retracement level 23.6% from the recent decline from $ 119 upwards to $ 99 below. However, the price is currently facing tough resistance near $ 110-112. In addition, yesterday's major bearish trend line is intact with resistance to $ 110 on the hourly chart of Eth / USD. Around the trendline, the 100-hour SMA is positioned at $ 112. In addition, the 61.8% Fibra retracement level of the recent decline from the low of $ 119 to $ 99 is $ 111. $ 110-112 represents significant resistance for buyers. A break above $ 112 could push the price towards the next higher resistance at $ 118.
Looking at the chart, the ETH price is slowly recovering above $ 106 and $ 108. However, an appropriate close above the $ 118 level is needed for a larger move towards the top. Otherwise, the price may fall to the $ 100 level.
MACD time – The MACD is moving well in the bullish zone.
RSI timetable – The RSI is now positioned well above level 50.
Main support level: $ 100
Main resistance level: $ 118
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