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.
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.