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Ethereum price corrected lower recently and tested the $120.00 support area. ETH/USD bounced back and it seems like the pair could continue to rise towards the $128.00 level.

  • Ethereum price found a strong buying interest near the $120.00 support level.
  • ETH/USD broke a key bearish trend line with resistance at $122.30 on the 30-minute chart.
  • The price is trading with a bullish angle and it could rise towards $126.00 or $128.00.

Ethereum ETH Price

Ethereum Price Analysis

After a solid upward move, Ethereum price faced sellers near the $128.00 level. As a result, ETH corrected lower below $125.00 and tested the key $120.00 support, where buyers emerged.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined below the $122.00 level and the 25 simple moving average (30-min). However, the $120.00 level acted as a strong support and prevented further losses.

A low was formed at $119.24 and the price started a fresh upward move. It climbed above the $122.00 level and the 23.6% Fib retracement level of the recent downside correction from the $128.16 high to $119.24 low.

Besides, the price cleared the $122.50 level and the 25 simple moving average (30-min). Finally, there was a break above a key bearish trend line with resistance at $122.30 on the same chart.

An immediate resistance is near $123.70 and the 50% Fib retracement level of the recent downside correction from the $128.16 high to $119.24 low. If buyers gain strength above the $123.70 and $124.00 levels, there are chances of further upsides towards the $126.00 or $128.00 level.

On the other hand, if there is another bearish reaction, the price could test the $121.30 support. The main support is at $120.00, below which there is a risk of an extended drop to $118.00.

Overall, Ethereum price seems to be gaining bullish momentum above $122.00, but ETH must break the $124.00 resistance to continue higher. Besides, bitcoin price could gain strength above $3,700, which may help altcoins in the near term.

The market data is provided by TradingView, Bitfinex.


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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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