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.
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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.
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.