Ethereum price started a short term consolidation above $116.00. ETH/USD could gain bullish momentum if buyers succeed in pushing the price above $120.00-122.00.

  • Ethereum’s price is placed above the $115.00 and $116.20 support levels.
  • ETH/USD may recover towards $130.00 if there is a break above $120.00 and a contracting triangle on the 30-minute chart.
  • The price seems to be preparing for the next break either above $120.50 or below $116.20.

Ethereum ETH Price

Ethereum Price Analysis

Yesterday, there was a sharp decline below $110.00 in Ethereum price. ETH/USD tested the $106.00-107.00 support area and later recovered above the $110.00 and $115.00 levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair climbed above the $115.00 resistance and the 50% Fib retracement level of the last downward move from the $128.15 high to $107.51 low. The price even traded above the $118.00 level and the 25 simple moving average (30-min).

However, there was no clear break above the $120.00 resistance. Buyers also struggled to surpass the 61.8% Fib retracement level of the last downward move from the $128.15 high to $107.51 low.

As a result, the price declined a few points and later started trading in a range above the $116.00 support area. At the outset, there is a short term contracting triangle formed with resistance near $119.0 on the same chart.

If there is an upside break above the triangle and the $120.50 range resistance, the price could trade higher towards the $123.00 and $125.00 resistance levels. The main resistance above $125.00 is near the last swing high at $128.15, followed by $130.00.

On the other hand, if there is a downside break below the range support at $116.20, the price may perhaps resume its bearish moves and it could decline towards the $112.00 level. The main supports on the downside for Ethereum price are at $110.00 and $107.00. Overall, ETH is preparing for the next break either above $120.50 or below $116.20 in the near term.

The market data is provided by TradingView, Bitfinex.

Buy Crypto    Trade Crypto
eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


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.

All content on is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *