Though ETH-USD pair is still located in a bearish zone, a short term upside correction will happen only if the Ethereum price successfully breaks above the US$118 and US$120 resistance levels.
Ethereum Technical Analysis: Prediction of the Next Move
- Yesterday, the Ethereum witnessed a significant fall in price from the US$125 level. It broke below the crucial support levels at US$122, US$120, US$115, and US$115. It even went on to test the US$112 level but buying pressure in that zone pushed the price up by a few points above the US$114-level.
- Essentially, the ETH price against the US Dollar traded above the 23.6% Fibonacci retracement level of the last price movement from the high at US$123 to the low at US$112.
- The ETH/USD price is currently hovering around the US$116 level. Though it tried to move above the US$117-118 zone
coupleof times, it failed. The US$118 level is crucial as the 50% Fibonacci retracement level of the last price movement from the high at US$123 to the low at US$112 is also located near that level.
- Above the US118-level, the next resistance is at US$120, which is again a crucial barrier. This is because the 100-Hourly SMA is located near that level.
- While Hourly MACD is still located slightly within the bullish zone having a flat structure, the Hourly RSI showing a upward movement towards the 50 and 55 levels.
- Ethereum price’s technical analysis shows that the major support and resistance levels are located at US$113 and US$120 levels.
The Ethereum price chart of TradingView shows that the ETH/USD price is likely to trade around the US$112 level before making the next move. A little recovery towards the US$125 level can be seen if the ETH price successfully moves above the US$118-120 zone. If it doesn’t happen, then ETH-USD pair is likely to test the US$110-112 level again.
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