Pricing of Ethereum prices: Ether Consolidating Above Key Support

Key points

The price of Ether remains well supported above the $ 118.00 level against the US dollar.

ETH / USD is about to break a declining channel with resistance at $ 120.50 on the 12-minute chart.

ETH / BTC is currently in possession of the 0.0330BTC support, with a bearish angle.

Technically, the 15-minute chart indicators are slowly moving into bullish territory.

Price analysis of the ether

Recently, there have been some bearish moves in ETH / USD below support levels of $ 125.00 and $ 122.00. The pair even traded below the $ 120.00 level, but the $ 118.00 area acted as a strong barrier.

ETH / BTC is currently consolidating above the 0.0330BTC support. The torque must overcome the 0.0342BTC obstacle for a new upward movement above the resistances 0.0350BTC and 0.0355BTC.

Looking at the 15-minute ETH / USD chart, the pair has recently fallen below the $ 120.00 support and traded at a new intra-day low of $ 118.21. Thereafter, Ether returned to peak, traded above the $ 120.00 level and reached a maximum of $ 122.34 before starting a downward correction.

The price fell below $ 121.00 and the Fibonacci retracement level to 50% of the recent move from $ 118.21 down to $ 122.34 at the top. However, the $ 119.50 level and the Fibonacci retracement level of 61.8 percent of the recent move acted as support.

In the beginning, it seems that Ether's price has broken a declining channel with a resistance of $ 120.30. More importantly, a positive closing above the resistance of $ 122.00 and two downtrend lines on the 5-minute chart could push the price towards the barrier of $ 123.00.

The main resistance awaits about $ 125.00, above which buyers will presumably take control and the price could rise to the area of ​​$ 130.00. On the other hand, a bearish reaction below support levels of $ 119.50 and $ 118.00 could cement a short-term bearish bias. The next key support is $ 115.00, followed by $ 112.00.

Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.

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