- The ETH price started an important upward move after reaching a low of $ 112.80 compared to the US dollar.
- There was a break above an important bearish trend line with resistance to $ 122 on the 4-hour chart of Eth / USD (data feed via Kraken).
- The pair is now positioned in a positive zone, but is struggling to clear the resistance area of $ 142.
The price of Ethereum has returned higher than the US dollar and Bitcoin. The ETH / USD must overcome the resistance of $ 142 to continue rising in the short term.
Price analysis of Ethereum
Last week, the ETH price fell below the $ 130 and $ 120 support levels against the US dollar. The ETH / USD pair traded at a low of $ 112.80 and subsequently provided solid support. It seems that the $ 112 area and the simple moving average at 100 (4 hours) provided support. Subsequently, the price started a strong upward move and exceeded the resistance levels $ 125 and $ 134.
There was a break above the Fibra 50% retracement level of the recent decline from the low of $ 152 fluctuating to $ 112 fluctuating low. Furthermore, there was a break above an important bearish trend line with resistance to $ 122 on the 4-hour chart of Eth / USD. The pair also eliminated the $ 138 resistance, but struggled to cancel the $ 142 resistance. In addition, the Fib retracement level 76.4% of the recent decline from the low of $ 152 fluctuating to $ 112 low fluctuating also acted as a resistance. The price is currently trading in a range close to the $ 130 level and could soon make the next move.
The chart above indicates that the ETH price may lower some points towards the $ 128 or $ 122 level before the next upward move. A break above the $ 142 and $ 144 resistance can clarify the path for further gains. The next resistance is at $ 152 followed by $ 155.
4-hour MACD: the MACD is slightly positioned in the bullish zone.
4-hour RSI – The RSI is located just above level 50.
Main support level: $ 128
Main resistance level: $ 142