Ethereum price against the US Dollar recovered today slightly and reached a 24-hour high at US$132.62 (Kraken data feed). However, it couldn’t clear above the strong resistance at US$130 and US$131. ETH/USD is facing strong resistance near the US$130 level. At press time, the ETH-USD pair is trading at US$123.35, which is precariously close to the strong support level at US$121. If this strong support is broken below, the Ethereum price may witness an extended decline.
Ethereum Price – Technical Analysis
- Ethereum price against the US Dollar has seen a minor correction above the US$130-level. Kraken feed shows that it reached a 24-hour high at US$132.62 at one point in time. However, the resistance at US$134 level was strong and the gains were limited. The 23.6% Fibonacci retracement level of the recent decline from the swing’s high at US$160 to swing’s low at US$121. ETH-USD pair struggled to move above the US$135 level and declined after some time.
- The ETH price also broke below the US$126-level and 100-hourly SMA. Currently, the price is hovering within the US$121 and US$126. However, the best part is that the ETH/USD price is above US$121, which is a strong support level. Therefore, the price is consolidating losses currently.
- A major trend line can be seen whose resistance is located at US$130 on the ETH-USD’s hourly chart. The price may get pushed towards US$135 if it is successful in breaking above the trend line as well as the US$131-level.
- The main resistance level is located at US$140 as well as 50% Fibonacci retracement level of the recent decline from the swing’s high at US$160 to swing’s low at US$121. If the price breaks above this these resistances, there could be bullish momentum.
- While Hourly MACD is located slightly in the bullish zone, Hourly RSI is moving slowly towards the 50-level below.
Ethereum (ETH) price against the US Dollar is trading precariously close to the strong support level at US$121. The 24-hour low is currently showing US$120.51. Therefore, the traders should keep in mind that there could be a downside break below the US$121-level. On the upside, a bullish momentum can be seen if the price successfully moves above US$130 and US$135.
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