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- The ETH price suffered strong resistance near the $ 127 and $ 128 recently against the US dollar.
- There is a large bearish trend line formed with resistance at $ 125 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair must break resistance levels $ 125, $ 127 and $ 128 to move into a positive zone.
The price of Ethereum is struggling to obliterate many obstacles to the US dollar and Bitcoin. The ETH / USD could rise higher sharply once above $ 128 and $ 130.
Price analysis of Ethereum
Last week, the ETH price attempted to recover above the resistance levels of $ 132 and $ 133 against the US dollar. The ETH / USD pair tested the $ 133 level, but failed to gain traction. As a result, there was a new decline and the price has moved below support levels $ 130 and $ 125. There was an interruption below the 122 level and the price has stabilized below the simple moving average at 100 (4 hours). Furthermore, there was a break below the fiber retracement level of 61.8% of the last wave, from the low of $ 113 oscillating to $ 133 high.
The price tested the support of $ 117-118 and found a decent buying interest. In addition, the fiber retracement level of 76.4% of the last wave from the low of $ 113 oscillating to $ 133 worked as support. Later, the price has recovered, but it seems he is struggling to cancel the resistance levels $ 127 and $ 128. More importantly, there is a big bearish trend line formed with resistance at $ 125 on the chart at 4 hours of ETH / USD. Therefore, the price must break resistance levels $ 125, $ 127 and $ 128 to start a new upward move. The next key resistance is $ 133, beyond which the price could rise to the $ 140 level.
The chart above indicates that the ETH price remains well supported near the $ 120 and $ 117 support levels. That said, a break above $ 128 is needed for a decent confident wave.
Technical indicators
4-hour MACD – The MACD for ETH / USD is slowly moving into the bullish zone, with some bullish signals.
4-hour RSI – The RSI for ETH / USD is now positioned well above level 30.
Main support level: $ 117
Main resistance level: $ 128
