Ethereum price retested the $102.00-103.00 support and recovered recently. ETH/USD is currently trading above the $115.00 resistance with a positive angle.

  • Ethereum price formed a double bottom pattern near $102.50 and recovered.
  • ETH/USD broke a crucial bearish trend line with resistance at $114.50 on the 30-minute chart.
  • The price could dip a few points, but it is likely to climb higher towards $121.00 or $124.00.

Ethereum ETH Price

Ethereum Price Analysis

Recently, there was a downside move in Ethereum price from the $122.18 swing high. The price traded lower below the $115.00 and $106.00 support levels before buyers appeared near the $102.00-103.00 support area.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair retested the $102.00-103.00 support area where buyers appeared. It seems like the price formed a double bottom pattern near $102.50, which could result in gains in the short term.

There was decent upward move recently and the price moved above the $108.00 resistance and the 25 simple moving average (30-min). Besides, there was a break above the 50% Fib retracement level of the last drop from the $122.18 high to $102.20 low.

Buyers were also successful in pushing the price above a crucial bearish trend line with resistance at $114.50 on the same chart of ETH/USD. The pair jumped above the $115.00 resistance and traded as high as $118.97.

An initial support on the downside is near $115.00 and the 23.6% Fib retracement level of the recent wave from the $102.20 low to $118.97 high. However, the key support is near the $112.00 level and the 25 simple moving average (30-min).

Below $112.00, the price may test the 50% Fib retracement level of the recent wave at $110.65. Therefore, if there is a downside correction, the price could find support near the $115.00 or $112.00 level.

Overall, Ethereum price likely formed a double bottom pattern near $102.50, which could result in more gains above the $120.00 level. Should there be an upside break above $120.00 in ETH, the price could rally towards the $140.00 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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