Ethereum price traded higher and broke the $116.00 and $120.00 resistances. ETH/USD traded as high as $127.91 and later started a short term correction.

  • Ethereum price jumped into a positive zone above the $116.00 and $120.00 levels.
  • ETH/USD is currently following a bullish flag pattern with resistance at $121.80 on the 30-minute chart.
  • The price remains nicely supported on dips near the $115.30 and $110.40 levels.

Ethereum ETH Price

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Ethereum Price Analysis

Yesterday, we discussed about a double bottom pattern for Ethereum price near the $102.00 support area. The price formed a solid base and started a bullish wave above the $108.00, $112.00 and $116.00 resistance levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair gained momentum above the $116.00 resistance and broke the $120.00 and $122.0 resistances. The price traded towards the $128.00 level, formed a high at $127.91, and settled above the 25 simple moving average (30-min).

Later, there was a downside correction and the price dipped below the $120.00 level and the 25 simple moving average (30-min). Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $102.20 low to $127.91 high.

More importantly, the price is currently following a bullish flag pattern with resistance at $121.80 on the same chart. The channel resistance is important near $122.00 since it coincides with the 25 simple moving average (30-min).

Therefore, if there is an upside break above the flag resistance, the price could resume uptrend above $126.00. It may even break the $127.91 high and trade towards $130.00.

On the downside, an initial support is at $118.00, below which the price may test the $115.20 support area. It represents the 50% Fib retracement level of the last wave from the $102.20 low to $127.91 high.

Overall, Ethereum price is placed nicely in an uptrend above $115.20 and $116.00. If ETH/USD jumps above $122.00, it is likely to resume its upward move above $126.00. The next significant hurdle for buyers is around the $138.00 level.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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