Ethereum price climbed higher recently and traded towards $102.50. ETH/USD is following a bullish path with support near $92.00 and $90.00.

  • Ethereum price is slowly recovering, but it is struggling to surpass the $100.50-102.50 resistance.
  • ETH/USD is following an ascending channel with support near $90.00 on the 30-minute chart.
  • The price could correct lower towards $92.00 or $90.00, but dips remain supported.

Ethereum ETH Price

Ethereum Price Analysis

After trading as low as $83.00, Ethereum price started a short term upside correction. It moved above the $85.00 and $92.00 resistance levels, but it struggled to clear the $100.50 and $102.50 resistance levels.

 Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed two swing highs at $100.50 and $102.50 and it recently declined below the $96.00 level and the 25 simple moving average (30-min).

The price declined below the 50% Fib retracement level of the recent wave from the $85.64 low to $102.50 high. However, there are many key supports formed on the downside near the $92.00 and $90.00 levels.

An immediate support is at $92.20 and the 61.8% Fib retracement level of the recent wave from the $85.64 low to $102.50 high. Below $92.20, the next key support is near the $89.50-90.00 zone.

More importantly, there is a major ascending channel in place with support near $90.00 on the same chart. Therefore, if the price declines further, it is likely to find support near $92.20 or $90.00. Should ETH fail to stay above the $90.00 support, the price may perhaps slide into a bearish zone. The next support is at $86.00, below which the price may revisit the $83.00 swing low.

On the upside, an initial resistance is near the $96.50 level and the 25 simple moving average (30-min). However, the main hurdles for Ethereum buyers is near the $100.50 and $102.50 resistance levels. A successful close above the $102.50 swing high is likely to accelerate gains towards the $105.00 and $110.00 levels.

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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One Comment

  1. Avatar

    Will it ever return to its high over 1000?

    James ungricht

    Reply

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