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Key points
- The ETH price rose higher and broke resistance levels of $ 115 and $ 125 against the US dollar.
- C & # 39; is an uptrend line formed with support for $ 114 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair remains in a solid uptrend and may continue to rise towards $ 135 or $ 140.
The price of Ethereum has earned many offers compared to the US dollar and Bitcoin. The ETH / USD broke the resistance of $ 125 and could now rise to the $ 140 level.
Price analysis of Ethereum
Last week, the ETH price followed a solid uptrend from a low of $ 96 against the US dollar. The ETH / USD pair exceeded the $ 100 and $ 110 resistance levels. There was also an adequate closing above the $ 110 level and the simple moving average of 100 (4 hours). An intermediate high was formed at $ 117 before the lower price correction. However, losses were protected near the $ 105-106 zone and the price resumed later.
It broke resistance levels of $ 115 and $ 125 to trade at a new weekly high above $ 128. The price is currently on a solid upward trend above the $ 115 and $ 12 level. Initial support is the level of Fib retracement 23.6% of the recent wave from $ 105 low to $ 129 high. In addition, there is an uptrend line formed with support for $ 114 on the 4-hour chart of Eth / USD. The 50% fiber retracement level of the recent wave from the low of $ 105 to $ 129 is also at $ 117. Therefore, there are many supports, starting at $ 124 and up to $ 114.
The chart above indicates that the ETH price is positioned well above the $ 114-115 zone. Buyers retain control and are likely to push the price towards the $ 135 or $ 140 level.
4-hour MACD – MACD is gaining momentum in the bullish zone.
4-hour RSI – The RSI recently passed level 70.
Main support level: $ 115
Main resistance level: $ 135
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