- 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.
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 MACD – The MACD for ETH/USD moved back in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently moving higher towards the 50 level, with a bullish angle.
Major Support Level – $116
Major Resistance Level – $122