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Key points
- The ETH price was corrected lower recently after forming a high close to $ 125 against the US dollar.
- There is a short-term decline channel or a flag formed with resistance at $ 120 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair must break resistance levels $ 119 and $ 120 to rise higher in the short term.
The price of Ethereum is currently being corrected against the US dollar and bitcoin. The ETH / USD must exceed $ 120 to resume the upward movement above $ 124-125.
Price analysis of Ethereum
Yesterday, we saw a new weekly high near the $ 125 level in the ETH price compared to the US dollar. Subsequently, the ETH / USD pair started a downward correction and traded below $ 122 and $ 120 levels. During the decline, there was a break below the fiber retracement level of 23.6% of the last stage, from the minimum of $ 100 to $ 125. In addition, the price was traded at the below the $ 115 level, but found support near the $ 114 level.
There was no 50% Fibra retracement test of the last stage from the minimum of $ 100 to $ 125. The price is currently moving higher towards $ 120 and is higher than the simple moving average on 100 hours. More importantly, there is a short-term declining channel or a flag formed with resistance to $ 120 on the hourly chart of Eth / USD. Buyers must cancel the channel's resistance and $ 120 to set the pace for a new wave of confidence. The next major resistances are close to $ 122 and $ 125. The main resistance is at $ 130, beyond which the price could test $ 134.
Looking at the chart, the ETH price is clearly traded well above the support levels $ 112 and $ 114. As long as there is a closing below $ 110, the price could bounce back and trade above $ 125.
MACD time – The MACD is slowly returning to the bullish zone.
RSI timetable – The RSI is moving higher and is currently just above level 50.
Main support level: $ 112
Main resistance level: $ 120
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