Ethereum Price Analysis: is ETH going to rise?

Technical Indicators

Support Level:$99

Resistance Level: $110

Key Points

  • Ethereum price moved above $100 recently and traded as high as $110 before a bearish correction started.
  • The current support for Ethereum lies around $99.
  • Ethereum price can continue its bullish momentum as long as the support around $99 and $100 is strong.

Ethereum price recently recovered against USD and is currently in a bullish momentum with small hurdles in between. The price is expected to rise further if the current support at $99 remains strong with the buyer’s support.

 

Ethereum Price Analysis

Ethereum price showed a decent recovery recently after trading in a bearish zone for over a month. Etherum price broke the key resistance around $105 and moved as high as $110. However, the new resistance formed around $110 moved the price of Ethereum downwards to $100 mark. Ethereum is currently trading around $104 (at the time of writing) with the current major support around $99 and $100. There is a major bullish pattern line formed with the key support at $99. The price is expected to rise further and test the resistance around $110 again. If Ethereum is able to break through this key resistance with the help of the buying pressure, then Ethereum price can move up to $115 in short term.

ETHUSD 24 hour chart
ETHUSD 24 hour chart

Looking at the 24-hour chart, Ethereum price seems stable above $100 and a bullish trend line is set with support near $99. The price is expected to test the key resistance around $110 again which may either push the price downwards towards the support range of $99 which if broken can result in Ethereum going towards $95 support range or if Ethereum is able to break the key resistance, then the price of Ethereum will likely test the next resistance around $115.

 

Disclaimer: This article is not financial advice and represents the viewpoints of the writer and not Coinnounce. The readers are advised to do their own research before making any investment decisions in the cryptocurrency market.

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