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Ethereum Price Analysis: ETH ready for a bull run?

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

Technical Indicators

Current Support Level – $120

Current Resistance Level – $125

  • Ethereum price is supported by the $120 support level against the US Dollar.
  • The key bullish pattern line which was formed yesterday still remains in position with support around $120 on the hourly chart.
  • The momentum is currently bullish and Ethereum price is expected to move higher above $125 resistance level in short term.

Ethereum price is in a bullish trend against the US Dollar as well as bitcoin. ETH is probably going to break the current resistance around $125 and test the next resistance levels which are $128 and $130.

 

Ethereum Price Analysis

Presvously, The ETH fell down towards the $118 and $120 supports a couple of time, but the buyers were able to stop the price from falling further downwards which resulted in a bullish momentum. There was a decent upward move and the price spiked over the $125 resistance where sellers appeared and moved the price downwards again. Ethereum price reached up to $125.41 and later fell lower. It fell underneath the $124 and $122 levels.

ETHUSD Price Chart
ETHUSD Price Chart

Ethereum found a good support around $120. Yesterday’s key bullish pattern line is still formed with support around $120 on the hourly chart of ETH/USD. Ethereum price is trading pleasantly over the $120 support and the 100 hourly SMA. If there is a downward break beneath $120 and the 100 hourly SMA, this could result in further declines which can result in ETH falling to around $115.

Taking a look at the chart, Ethereum price is currently well situated over the $120 support. Buyers need to break the $125 resistance in order to make ETH rise further. If the resistance between $125 and $126 is broken, ETH will most probably test the next support around $130.

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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