Ethereum Price Analysis: ETH Could Extend Consolidation Above $114

  • ETH price remained in a range and consolidated above the $ 114 and $ 116 supports against the US Dollar.
  • There was a break below a short term contracting triangle with support at $ 119 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might continue to consolidate and it could even test the $ 114 support area in the near term.

Ethereum price is showing signs of extended consolidation against the US Dollar and bitcoin. ETH/USD could decline towards the $ 114 support before the next upward move.

Ethereum Price Analysis

Recently, we saw a decent upward move in ETH price above the $ 122 level against the US Dollar. The ETH/USD pair tested the $ 125 resistance zone and later corrected lower. It declined below the $ 124 and $ 122 levels to start a short term downside correction. There was a break below the 50% Fib retracement level of the last leg from the $ 115 swing low to $ 125 high. The price even traded below the $ 120 level, but it stayed above the 100 hourly simple moving average.

Moreover, there was a break below a short term contracting triangle with support at $ 119 on the hourly chart of ETH/USD. The pair tested the $ 117 level, where buyers emerged. Besides, it traded close to the 76.4% Fib retracement level of the last leg from the $ 115 swing low to $ 125 high. The pair is currently trading above the $ 116 support, with a few bearish signs. To climb higher, the price must break the $ 122 and $ 123 resistance levels. On the other hand, if it fails to move past $ 122, ETH sellers may push the price towards the $ 114 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is placed nicely above the $ 114 support and the 100 hourly SMA. Going forward, there could be range moves above $ 114 before the price makes the next move. It could either break the $ 122 resistance or extend the downside correction below $ 114.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD moved back in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently moving higher towards the 50 level, with a bullish angle.

Major Support Level – $ 116

Major Resistance Level – $ 122

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Analysis – NewsBTC

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