- ETH price corrected lower recently after forming a high near $125 against the US Dollar.
- There is a short term declining channel or flag formed with resistance at $120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must break the $119 and $120 resistance levels to climb higher in the near term.
Ethereum price is currently correcting against the US Dollar and bitcoin. ETH/USD must settle above $120 to resume its upside move above $124-125.
Ethereum Price Analysis
Yesterday, we saw a fresh weekly high near the $125 level in ETH price against the US Dollar. Later, the ETH/USD pair started a downside correction and traded below the $122 and $120 levels. During the decline, there was a break below the 23.6% Fib retracement level of the last leg from the $100 swing low to $125 high. Moreover, the price traded below the $115 level, but it found support near the $114 level.
There was no test of the 50% Fib retracement level of the last leg from the $100 swing low to $125 high. The price is currently moving higher towards $120 and it is above the 100 hourly simple moving average. More importantly, there is a short term declining channel or flag formed with resistance at $120 on the hourly chart of ETH/USD. Buyers need to clear the channel resistance and $120 to set the pace for a fresh bullish wave. The next major resistances are near $122 and $125. The main resistance is at $130, above which the price could test $134.
Looking at the chart, ETH price is clearly trading nicely above the $112 and $114 support levels. As long as there is no close below $110, the price could bounce back and trade above $125.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is moving higher and it is currently just above the 50 level.
Major Support Level – $112
Major Resistance Level – $120
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