Ethereum Price Analysis: Will ETH get bitten by selllers?

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Technical Indicators

Current Support Level – $120

Current Resistance Level – $125

  • Ethereum price is supported by the $120 support level against the US Dollar.
  • The key bullish pattern line which was formed yesterday still remains in position with support around $120 on the hourly chart.
  • The momentum is currently bullish and Ethereum price is expected to move higher above $125 resistance level in short term.

Ethereum price is in a bullish trend against the US Dollar as well as bitcoin. ETH is probably going to break the current resistance around $125 and test the next resistance levels which are $128 and $130.

Ethereum Price Analysis

Presvously, The ETH fell down towards the $118 and $120 supports a couple of time, but the buyers were able to stop the price from falling further downwards which resulted in a bullish momentum. There was a decent upward move and the price spiked over the $125 resistance where sellers appeared and moved the price downwards again. Ethereum price reached up to $125.41 and later fell lower. It fell underneath the $124 and $122 levels.

ETHUSD Price Chart

ETHUSD Price Chart

Ethereum found a good support around $120. Yesterday’s key bullish pattern line is still formed with support around $120 on the hourly chart of ETH/USD. Ethereum price is trading pleasantly over the $120 support and the 100 hourly SMA. If there is a downward break beneath $120 and the 100 hourly SMA, this could result in further declines which can result in ETH falling to around $115.

Taking a look at the chart, Ethereum price is currently well situated over the $120 support. Buyers need to break the $125 resistance in order to make ETH rise further. If the resistance between $125 and $126 is broken, ETH will most probably test the next support around $130.

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