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Home Technical analysis

Ethereum Price Analysis: ETH Primed For Further Gains Above $125

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
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  • ETH price remained nicely supported on the downside above $120 and $118 against the US Dollar.
  • Yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is following a bullish structure and it could continue to move higher above $125 in the near term.

Ethereum price is slowly gaining bullish momentum against the US Dollar and bitcoin. ETH/USD is likely to break the recent high and trade above the $128 and $130 resistance levels.

Ethereum Price Analysis

In the past few sessions, there were mostly range moves below the $125 resistance in ETH price against the US Dollar. The ETH/USD pair dipped towards the $118 and $120 supports on a couple of occasions. However, buyers were able to defend losses, resulting in a bullish reaction. Recently, there was a nice upward move and the price spiked above the $125 resistance, but buyers failed to hold gains. A high was formed at $125.41 and later the price corrected lower. It dipped below the $124 and $122 levels. Besides, there was a break below the 50% Fib retracement level of the recent wave from the $117 low to $125 swing low.

The decline found support near the key $120 level. More importantly, yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD. The pair also tested the 61.8% Fib retracement level of the recent wave from the $117 low to $125 swing low. At the outset, the price is trading nicely above the $120 support and the 100 hourly simple moving average. It seems like the price may continue to trade in a range above $120 before the next move. If there is a downside break below $120, $119, and the 100 hourly SMA, there could be more declines. The next stop for buyers could be the $115 area. It coincides with the 1.236 Fib extension level of the recent wave from the $117 low to $125 swing low.

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Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading nicely above the $120 support. Having said that, buyers need the $125 resistance to gain strength. A clear break and follow through above $125 and $126 could set the pace for more upsides. The next key targets could be $128 and $130 in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone, with positive signs.

Hourly RSI – The RSI for ETH/USD is currently placed well above the 50 level, with no bearish sign.

Major Support Level – $120

Major Resistance Level – $125

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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