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Ethereum Price Analysis: ETH about to rise?

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Technical Indicators

Support Level – $103

Resistance Level – $108

 

  • Ethereum price is currently underneath the resistance between $108 and $111.
  • There is a bearish pattern formed with resistance around $108 on the hourly chart.
  • Ethereum is well supported between $105 and $103 levels in short term.

Ethereum price is trading in a close range against the US Dollar and bitcoin. Ethereum would stay in a close range until the exchange volumes get higher and price activity is improved.

 

Ethereum Price Analysis

Ethereum price fell from over $110 high. The ETH/USD fell beneath the $108 and $106 support levels, in addition to settling underneath the 100 hourly SMA. The support level around $105 proved strong and was able to prevent further fall. Afterward, Ethereum price started an upward move over the $106 and $107 levels. The upward move was stopped by the strong resistance around $108.

ETHUSD Chart
ETHUSD Chart

There is another bearish pattern line formed with resistance close to $108 on the hourly chart. Ethereum is currently trading underneath the $108 resistance and the 100 hourly SMA. An effective break over the bearish pattern line, 100 hourly SMA, and the $108 resistance is important from Ethereum to move upwards. A very strong resistance lies close to the $110 level. If buyers are able to break this resistance level then the price could rally towards $115 and $118 in short term.

Taking a look at the chart, Ethereum price is currently trading in a close range under $108 and $110 resistance levels. Ethereum is currently supported by buyers around $105. If the price falls beneath this support then the next support lies at $103 support below which the price might fall below $100.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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