- ETH price revisited the $114 support area and later moved higher against the US Dollar.
- Yesterday’s highlighted declining channel is intact with resistance near $117 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may soon make the next move either above the $118-119 resistance or below the $114 support.
Ethereum price is confined in a tight range against the US Dollar and bitcoin. ETH/USD is likely setting up for a major move in the coming sessions either above $120 or below $114.
Ethereum Price Analysis
Yesterday, we saw a bearish reaction from the $119-120 resistance zone in ETH price against the US Dollar. The ETH/USD pair declined below the $116 level and revisited the $114 support area. There was even a close below the $116 level and the 100 hourly simple moving average. However, there was a strong buying interest near the $114 support area. Moreover, the 61.8% Fib retracement level of the last upside from the $111 low to $120 high acted as a support. The price bounced back and it slowly moved above the $115 and $116 levels.
Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $120 swing high to $114 swing low. At the outset, the price is approaching key resistances near $117, $119 and $120. More importantly, yesterday’s highlighted declining channel is intact with resistance near $117 on the hourly chart of ETH/USD. The 100 hourly SMA is also positioned just near the trend line and $117. Finally, the 50% Fib retracement level of the recent decline from the $120 swing high to $114 swing low is near $117.
Looking at the chart, ETH price is recovering, but it remains below the key hurdles such as $117, $119 and $120. A successful break above these is needed for a push towards $130. If not, the price could drop back to $114 or $110.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is placed just above the 50 level, with a flat structure.
Major Support Level – $114
Major Resistance Level – $119
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