Ethereum price declined towards $100.00 and formed a low at $102.96. ETH/USD recovered nicely above $115.00, but it facing resistance near $120.00-123.00.
- Ethereum price climbed higher sharply after trading as low as $102.96.
- ETH/USD is facing a solid bearish trend line with resistance at $120.00 on the 30-minute chart.
- The price must climb above the $120.00 and $123.50 levels to stage a significant recovery.
Ethereum Price Analysis
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $102.96 and later started a decent upside correction. It moved above the $112.00 level and the 25 simple moving average (30-min).
The upside move was positive as there was a recovery above the $118.00 and $120.00 levels as well. However, the price struggled to settle above the $122.00-123.00 resistance area, which was a support earlier.
Besides, there is a solid bearish trend line formed with resistance at $120.00 on the same chart, which is currently acting as a major hurdle for buyers. The price corrected below $120.00 and the 23.6% Fib retracement level of the recent wave from the $102.96 low to $123.51 high.
The price traded close the $115.00 level where buyers emerged. At the outset, the price is trading above the $115.00 support, the 25 simple moving average (30-min), and a connecting bullish trendline on the same chart.
If there is a downside break below $115.00, the price could test the $110.00 support and the 61.8% Fib retracement level of the recent wave from the $102.96 low to $123.51 high.
On the other hand, if there is an upside break above the $120.00 and $123.00 resistance levels, it could open the doors for a larger correction. The next immediate resistance for Ethereum price is near $130.00, above which ETH/USD may even rally towards the $145.00 level.
The market data is provided by TradingView, Bitfinex.