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Key points
- The ETH price rose above $ 120 and traded towards the $ 125 resistance level against the US dollar.
- There was an interruption below an uptrend line in connection with support for $ 119 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair remains well supported on the negative side near the $ 112 level and 100-hour SMA.
The price of Ethereum rose higher recently against the US dollar and bitcoin. ETH / USD exceeded $ 125 and subsequently started a downward correction.
Price analysis of Ethereum
Recently, there was a positive break above the $ 115 level in the ETH price compared to the US dollar. The ETH / USD pair rose higher and broke resistance levels $ 118 and $ 120. It was even a close above the $ 112 rotation level and the 100-hour simple moving average. The price traded towards the $ 125 resistance level in which sellers emerged. As a result, there was a negative reaction and the price fell below $ 120.
During the slide, there was a break below the 23.6% fiber retracement level of the recent wave from the low $ 99 to the high $ 125. Also, there was a break below an uptrend line in connection with support for $ 119 on the hourly chart of Eth / USD. The pair is approaching a couple of important supports above the $ 112 level. Initial support is $ 114 and the 100-hour simple moving average. The next support is at $ 112 and the Fib 50% retracement level of the recent wave from $ 99 low to $ 125 high. If there is a break below $ 112 to $ 111, the price may fall to $ 105.
Looking at the chart, the ETH price is trading at a bullish angle above the $ 120 level, but has failed near $ 125. It is currently correcting lower towards the $ 112 support, which could stop losses.
MACD time – The MACD is returning to the bearish zone.
RSI timetable – The RSI has declined and is currently near level 50.
Main support level: $ 112
Main resistance level: $ 120
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