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 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.
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.