Support Level – $120
Resistance Level – $123
- Ethereum price turned bullish and is strongly supported at around $120.
- There is a bullish pattern line formed with support around $120 on the hourly chart.
- ETH can face hurdles in between which can pull the price downwards however it is a good amount of buyers are placed around $120, $119 or $118 which shall stop the price from moving downwards.
Ethereum price is currently in a bullish momentum against the US Dollar as well as bitcoin. ETH is expected to move higher towards $125 and $128 in the short term.
Ethereum Price Analysis
EThereum price faced a downward correction after reaching $125 against the US Dollar. ETH moved below the major supports between $122 and $120. The support between $117-118 proved quite strong and stopped the price from moving further downwards. ETH started an upward trend later as the price moved back above $119 resistance level.
Ethereum price moved above the $121 resistance level and currently it is placed nicely over the 100 hourly SMA. ETH faced selling pressure around $122-123 zone which stopped the price from moving upwards. ETH price is currently well situated above $120 support level and ETH is expected to rise higher breaking the current resistance. The closest resistances are around $123 and $125. There is a bullish pattern line formed with support around $120 on the hourly chart of ETH/USD.
Taking a look at the chart, Ethereum price is trading in a bullish pattern above $117 and $120. If the price starts to fall, a good number of buyers are placed around $117 and $120 which will likely stop the price from moving downwards. If Ethereum price is able to break the resistance around $125, ETH will most likely move towards $128 resistance level.