Ethereum price traded higher and broke the $92.00 and $96.00 resistances. ETH/USD touched the $100.00 resistance and it is currently correcting lower.
- Ethereum price traded as high as $100.37 and it is currently correcting gains.
- ETH/USD surpassed a major bearish trend line at $90.10 on the 30-minute chart.
- The price is currently following a bullish flag and it could find support near $93.20.
Ethereum Price Analysis
Yesterday, we discussed that Ethereum price is primed for more gains above the $90.00 and $92.00 resistance levels. The price did move higher, broke the $90.00, $92.00 and $96.00 barriers, and moved into a bullish zone. Similarly, there were solid gains noted in bitcoin, eos, ripple and other altcoins.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair gained pace above the $92.00 level and the 25 simple moving average (30-min). During the bullish wave, the price surpassed a major bearish trend line at $90.10.
It cleared the path for a solid upward move and the price even broke the $96.00 and $98.50 resistance. ETH traded as high as $100.37 and it is currently correcting lower.
The price recently declined below the 23.6% Fib retracement level of the recent wave from the $86.00 low to $100.37 high. More importantly, the price is following a bullish flag with current resistance at $98.00 on the same chart.
The current price action suggests that there could be a downside extension below the $95.00 level. The main support is near the $93.20 level and the 50% Fib retracement level of the recent wave from the $86.00 low to $100.37 high.
Once the current correction wave is complete, the price may possibly climb back above $96.00 and $98.00. There are even chances of more upsides above the $100.37 high and the $105.00 resistance.
On the other hand, a break below the $93.20 support may push Ethereum price towards the $91.50 support area, which was a resistance earlier. Overall, ETH remains nicely supported near $93.20 and $91.50 if there is a downside correction.
The market data is provided by TradingView, Bitfinex.