EagleFX

Ethereum price made a surprise bullish move and broke the $125.00 resistance. ETH/USD is trading with a positive bias and it could extend gains above $135.00.

  • Ethereum price climbed higher sharply and broke the $125.00 and $129.25 resistances.
  • ETH/USD is currently following a bullish flag pattern with support at $129.00 on the 30-minute chart.
  • The price might decline in the short term, but it could bounce back to $135.00 and $140.00.

Ethereum ETH Price

Ethereum Price Analysis

Yesterday, we saw a dead cat bounce in Ethereum price above the $118.00 level. However, ETH buyers gained control above $120.00, resulting in a sharp rally above the $125.00 and $129.25 resistances.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed an intermediate low at $118.71 and started a solid bullish wave above the $120.00 level. It broke the $125.00 resistance level to start a decent recovery.

Buyers pushed the price above the $129.25 and $132.00 resistance levels. Finally, there was a break above the 1.236 Fib extension level of the last drop from the $128.10 high to $116.10 low.


3Commas

The price traded to a new weekly high at $134.50 and later started a short term correction. It dipped below the $132.00 level, the 25 simple moving average (30-min), and the 23.6% Fib retracement level of the recent wave from the $118.71 low to $134.50.

At the outset, the price is following a bullish flag pattern with support at $129.00 on the same chart. In the short term, there could be a downside correction towards the $130.00 or $129.00 support levels, where buyers are likely to emerge.

Below the flag support, the price could test the $127.00 support and the 50% Fib retracement level of the recent wave from the $118.71 low to $134.50.

Overall, Ethereum price is clearly moved into a bullish zone above $125.00. Going forward, ETH could make another attempt to break the $135.00 resistance, above which the price will most likely test $140.00. On the downside, the key supports are $129.00 and $127.00.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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