Ethereum Price Analysis: Will ETH get bitten by selllers?

5 months ago

Technical Indicators

Support Level – $116

Resistance Level – $125

  • Ethereum price increased profits and went over the $118 and $120 resistance levels.
  • The price broke over a bearish pattern line with resistance around $117 on the hourly chart.
  • Ethereum tested the resistance around $125 but failed and fell towards $120.

Ethereum price is currently in a bullish trend against the US Dollar and bitcoin. ETH could face a few hurdles while trying to move upwards and could experience dips around $115 in short term.

Ethereum Price Analysis

Ethereum price started an upward correction and gathered good support around $115. ETH picked up pace over the $116 and $118 resistance levels. Buyers could easily clear the $120 resistance level which was quite strong and moved Ethereum price to a monthly high. The price remained well over the $115 support and the 100 hourly SMA.

ETHUSD Price Chart

ETH bullish trend broke a bearish pattern line with resistance around $117 on the hourly chart. Ethereum price broke the $122 swing high and moved to a monthly high at $125. However, there was a sharp decline beneath the $122 level. The previous resistance around $120 level changed into a support level and stopped the price from further declines. ETH price is somewhat bearish and it could test the support around the $115 level.

Taking a look at the chart, ETH price is trading well over the $115 and $114 support levels. Although the ETH is currently facing dips, buyers are ready to push the price upwards around $114 support level or the 100 hourly SMA.

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.

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