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Key Highlights
- ETH price climbed above $120 and traded towards the $125 resistance level against the US Dollar.
- There was a break below a connecting bullish trend line with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside near the $112 level and the 100 hourly SMA.
Ethereum price climbed higher recently against the US Dollar and bitcoin. ETH/USD topped near $125 and later started a downside correction.
Ethereum Price Analysis
Recently, there was a positive break above the $115 level in ETH price against the US Dollar. The ETH/USD pair climbed higher and broke the $118 and $120 resistance levels. There was even a close above the $112 pivot level and the 100 hourly simple moving average. The price traded towards the $125 resistance level where sellers emerged. As a result, there was a downside reaction and the price declined below $120.
During the slide, there was a break below the 23.6% Fib retracement level of the recent wave from the $99 low to $125 high. Moreover, there was a break below a connecting bullish trend line with support at $119 on the hourly chart of ETH/USD. The pair is now approaching a couple of important supports above the $112 level. An initial support is at $114 and the 100 hourly simple moving average. The next support is at $112 and the 50% Fib retracement level of the recent wave from the $99 low to $125 high. If there is a break below $112 ad $111, the price could decline towards $105.
Looking at the chart, ETH price traded with a bullish angle above the $120 level, but failed near $125. It is currently correcting lower towards the $112 support, which could stop losses.
Hourly MACD – The MACD is moving back in the bearish zone.
Hourly RSI – The RSI declined and it is currently just near the 50 level.
Major Support Level – $112
Major Resistance Level – $120
