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Ethereum price climbed higher recently and traded towards $ 102.50. ETH / USD is following a bullish path with support near $ 92.00 and $ 90.00.
- Price is slowly recovering, but it is struggling to surpass the $ 100.50-102.50 resistance.
- ETH / USD is following an ascending channel with support at $ 90.00 on the 30-minute chart.
- The price could be correct lower towards $ 92.00 or $ 90.00, but dips remain supported.
Ethereum Price Analysis
After trading as low as $ 83.00, Ethereum price started at short term upside correction. It moved above the $ 85.00 and $ 92.00 resistance levels, but struggled to clear the $ 100.50 and $ 102.50 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH / USD, the pair formed two swing highs at $ 100.50 and $ 102.50 and it recently declined below the $ 96.00 level and the 25 simple moving average (30-min).
The price is below the 50% Fib retracement level of the recent wave from the $ 85.64 low to $ 102.50 high. However, there are many key formats formed on the downside near the $ 92.00 and $ 90.00 levels.
An immediate support is at $ 92.20 and the 61.8% Fib retracement level of the recent wave from the $ 85.64 low to $ 102.50 high. Below $ 92.20, the next key support is near the $ 89.50-90.00 zone.
More importantly, there is a major ascending channel at $ 90.00 on the same chart. Therefore, if the price declines further, it is likely to find support near $ 92.20 or $ 90.00. Should Either fail to stay above the $ 90.00 support, the price The following support is available at $ 86.00, below which the price may revisit the $ 83.00 swing low.
On the upside, an initial resistance is near the $ 96.50 level and the 25th simple moving average (30-min). However, the main hurdles for Ethereum buyers are near the $ 100.50 and $ 102.50 resistance levels. A successful close above the $ 102.50 swing is likely to accelerate gains towards the $ 105.00 and $ 110.00 levels.
The market data is provided by TradingView, Bitfinex.
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