- Ethereum is currently trading in a range below the $130 and $132 resistances against the US Dollar.
- The price is likely to bounce back as long as it is trading above the $120 support.
- There is a major bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD (data feed via Kraken).
- ETH could spike towards the $120 support before it starts a real upward move.
Ethereum price is showing a few positive signs versus the US Dollar and bitcoin. ETH price remains well supported for a fresh increase unless it breaks $120.
Ethereum Price Analysis
Recently, Ethereum price found support near the $128 level and started an upside correction against the US Dollar. ETH price recovered above the $130 level and the 100 hourly simple moving average.
Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $138 high to $128 low. However, the price failed to clear the key $132 resistance area.
It seems like the price failed to clear the 50% Fib retracement level of the downward move from the $138 high to $128 low. It is currently declining and it is trading below $130 and the 100 hourly simple moving average.
Ethereum price might continue to slide unless there is a break above the $130 and $132 resistance levels. Besides, there is a major bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD.
A clear close above the $132 zone could open the doors for more gains in the near term. The next major hurdle is near the $135 level. It represents the 76.4% Fib retracement level of the downward move from the $138 high to $128 low.
Any further gains could start a real upward move above the $138 and $140 resistance levels. On the other hand, the price might continue to decline below the $128 support. The next support is near the $125 level, below which it may perhaps spike towards the $120 support.
Looking at the chart, Ethereum price is trading above a few key supports such as $128 and $125. There are even chances of a downside spike towards the $120 level. Having said that, the bulls are likely to aim a new yearly high above $135 in the near term unless there is a break below $120.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
Major Support Level – $125
Major Resistance Level – $132
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