- ETH price formed a solid support at $100 and started a strong uptrend against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $104 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair traded as high as $122 and it is currently consolidating gains with range moves.
Ethereum price climbed higher sharply versus the US Dollar and Bitcoin. ETH/USD is now placed in a bullish zone above the $114 and $112 support levels in the near term.
Ethereum Price Analysis
This past week, we saw a fresh drop in ETH price towards the $102 and $100 support levels against the US Dollar. The ETH/USD pair found a strong buying interest near the $100 level and later started a strong upward move. It broke many resistances such as $104, $107, $112, $114 and $116. More importantly, there was a close above the $112 barrier and the 100 simple moving average (4-hours). It seems like a double bottom pattern was formed at $100, resulting in a bullish break above $110.
Moreover, there was a break above a crucial bearish trend line with resistance at $104 on the 4-hours chart of ETH/USD. The pair traded towards the $125 level and formed a high near $122. Later, the price started consolidating gains below the $120 level. It tested the 23.6% Fib retracement level of the last wave from the $100 low to $122 high. The current price action is positive above the $116 level. If there is a downside extension, the price may test $114 and the 100 simple moving average (4-hours). Besides, the 50% Fib retracement level of the last wave from the $100 low to $122 high is also near $111 level to act as a strong support.
The above chart indicates that ETH price is now placed nicely in a bullish zone above the $114 and $112 support levels. On the upside, the key resistances are $124, $125 and $132.
4-hours MACD – The MACD for ETH/USD is slowly reducing its bullish slope.
4-hours RSI – The RSI for ETH/USD is currently well above the 60 level.
Major Support Level – $114
Major Resistance Level – $124