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Ethereum Price Analysis: ETH likely to spike upwards?

Ethereum price is currently well settled above $130 support level. There are chances of ETH to spike upwards after breaking the current resistance at $134.
Ethereum price is currently well settled above $130 support level. There are chances of ETH to spike upwards after breaking the current resistance at $134.

Technical Indicators:

Support Level: $132

Resistance Levels: $134,$135

 

Key Points:

  • The support around $130 is still proving strong for Ethereum price.
  • Ethereum price managed to defend itself from the bearish pattern line that was formed with resistance at $132.
  • Ethereum price is currently facing strong resistance around $134.

 

Ethereum Price Analysis:

Summary: Ethereum price is currently well settled above $130 support level. There are chances of ETH to spike upwards after breaking the current resistance at $134.

Ethereum price was struggling around $130 range yesterday and even went below this support, however, later the price started to correct upwards and moved above $132 resistance. ETH was also able to close above the 100 hourly SMA at $132.

Moving over $132, ETH was also able to defend itself against the bearish pattern line that was formed on the hourly chart with resistance at $132. However, the resistance around $134 is preventing the price from further rising.

ETHUSD Price Chart
ETHUSD Price Chart

Ethereum must break the $134 resistance level in order to move upwards. Nonetheless, the next resistance also lies close to $135. If both these resistances are broken by the upward move, ETH might move directly towards $140 range. However, if the current support at $132 is broken, Ethereum might move towards $130 and $129 range.

The chart shows that although Ethereum fell downwards yesterday, it settled well over $132. If Ethereum is able to maintain its position above this range, it might move towards the $140 resistance level after breaking the current resistance levels.

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Written by Joyce Lang

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