Ethereum Price Analysis: ETH/USD Consolidating Above $120 Support

Key Highlights

  • ETH price declined heavily and traded close to the $ 120 support level against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $ 138 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to climb above the $ 138 and $ 140 resistance levels to start a decent recovery.

Ethereum price is trading near key supports against the US Dollar and bitcoin. ETH/USD must stay above $ 120 to recover in the short term.

Ethereum Price Analysis

Yesterday, we discussed that ETH price is in a nasty downtrend and it could decline below $ 140 against the US Dollar. The ETH/USD pair fell sharply and traded below the $ 140 and $ 132 support levels. The decline was such that the price traded close to the $ 120 level. A low was formed at $ 121 and the price is currently well below the 100 hourly simple moving average.

At the moment, the price is consolidating above the $ 120 support. It recently traded above the 23.6% Fib retracement level of the recent slide from the $ 145 high to $ 121 low. However, there are many resistances on the upside near the 136-138 zone. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $ 138 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent slide from the $ 145 high to $ 121 low. Therefore, any upside move towards the $ 135, $ 136 and $ 138 levels is likely to find a strong selling interest.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading nicely above the $ 120 support level. As long as the price is above $ 120, there is a chance of an upside break towards the $ 140 and $ 150 levels in the near term. Below $ 120, the price could trade towards $ 105.

Hourly MACDThe MACD is about to move into the bullish zone.

Hourly RSIThe RSI is currently just above the 40 level.

Major Support Level – $ 120

Major Resistance Level – $ 138

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