Search Inside Bitcoins

Ethereum Price Analysis: ETH Buyers In Full Control Above $108

 

Key Highlights

  • ETH price extended upsides and traded above the $114-116 resistance area against the US Dollar.
  • This week’s followed major bullish trend line is intact with support at $106 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains in a solid uptrend and dips near $108 and $106 are likely to find strong bids.

Ethereum price gained bullish momentum against the US Dollar and bitcoin. ETH/USD traded close to $120 and it remains well supported for more gains.

Ethereum Price Analysis

Yesterday, we discussed that dips in ETH price remain supported above $97 against the US Dollar. The ETH/USD pair did correct lower in the short term, but buyers protected the $97-100 support zone. Later, there was a fresh upside move and the price traded above the $110 and $112 resistance levels. The price even broke the $114-116 resistance zone and traded close to the $120 level.

A high was formed near $119 and the price is currently correcting lower. An initial support is at $114 and the 23.6% Fib retracement level of the recent leg from the $99 low to $119 high. However, the main support is near the $109-110 zone, which was a resistance earlier. Moreover, this week’s followed major bullish trend line is intact with support at $106 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent leg from the $99 low to $119 high. Therefore, if the price corrects lower, it could find support near the $108-109 zone.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price remains in an uptrend above $106 and the 100 hourly simple moving average. On the upside, a break above the $119-120 zone may push the price towards $125 or even $130.

Hourly MACDThe MACD is slowly moving back into the bearish zone.

Hourly RSIThe RSI is currently correcting lower from the 70 level towards the 55 level.

Major Support Level – $108

Major Resistance Level – $120

 

The post Ethereum Price Analysis: ETH Buyers In Full Control Above $108 appeared first on NewsBTC.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close