Ethereum price performed really well and rallied above the $115.00 and $120.00 resistance. ETH/USD even broke the $125.00 resistance and traded as high as $128.17 before correcting lower.

  • Ethereum price is placed nicely above the $120.00 and $118.00 support levels.
  • ETH/USD is testing a short term bullish trend line with support at $122.00 on the 30-minute chart.
  • The price is likely to correct lower before a fresh upward move above $125.00.

Ethereum ETH Price

Ethereum Price Analysis

The past few days were very bullish as Ethereum price climbed above the $112.00, $115.00 and $120.00 resistance levels. ETH even surged above the $125.00 level and posted a new monthly high at $128.17.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair started a downside correction after a sharp rally towards the $130.00 resistance. It corrected below the $125.00 level and the 23.6% Fib retracement level of the recent wave from the $118.00 low to $128.17 high.

However, there is a strong support formed near the $122.00 level (the previous resistance). The 25 simple moving average (30-min) is acting as a support near the $122.50 level.

More importantly, there is a short term bullish trend line in place with support at $122.00 on the same chart. Finally, the 61.8% Fib retracement level of the recent wave from the $118.00 low to $128.17 high is near the $122.00 area.

Therefore, the $122.00 level might act as a strong support. If the price extends the current decline, the next stop for sellers could be near the $118.00 swing low. Any further losses could lead the price towards the 1.236 Fib extension level of the recent wave from the $118.00 low to $128.17 high at $115.45.

To sum up, the current price action is positive above the $118.00 and $120.00 support levels. There could be an extended dip in Ethereum price, but as long as the price is above $115.00, it could bounce back. On the upside, the main resistances area near $125.00, $128.00 and $130.00.

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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