- ETH price retested the $100 support area and recovered slightly against the US Dollar.
- Yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher in the short term towards the $114 and $118 resistance levels.
Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD could test the key $118 resistance area in the short term.
Ethereum Price Analysis
Yesterday, we saw a fresh decline below the $112 level in ETH price against the US Dollar. The ETH/USD pair even broke the $110 and $106 support levels. Besides, there was a close below $110 and the 100 hourly simple moving average. The decline was such that the price retested the $100 support area where buyers emerged. A low was formed near $99 and later the price started a short term correction.
It moved above the $206 level and the 23.6% Fib retracement level of the recent drop from the $119 high to $99 low. However, the price is currently facing a tough resistance near $110-112. Moreover, yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. Around the trend line, the 100 hourly SMA is positioned at $112. Besides, the 61.8% Fib retracement level of the recent drop from the $119 high to $99 low is at $111. Therefore, the $110-112 zone is a significant resistance for buyers. A break above $112 could push the price towards the next major resistance at $118.
Looking at the chart, ETH price is slowly recovering above $106 and $108. However, a proper close above the $118 level is needed for a larger upward move. If not, the price may decline back towards the $100 level.
Hourly MACD – The MACD is moving nicely in the bullish zone.
Hourly RSI – The RSI is now placed well above the 50 level.
Major Support Level – $100
Major Resistance Level – $118
Author: Aayush Jindal