Ethereum Price Analysis: ETH/USD Turned Buy on Dips Near $112

Key Highlights

  • ETH price climbed above $120 and traded towards the $125 resistance level against the US Dollar.
  • There was a break below a connecting bullish trend line with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on the downside near the $112 level and the 100 hourly SMA.

Ethereum price climbed higher recently against the US Dollar and bitcoin. ETH/USD topped near $125 and later started a downside correction.

Ethereum Price Analysis

Recently, there was a positive break above the $115 level in ETH price against the US Dollar. The ETH/USD pair climbed higher and broke the $118 and $120 resistance levels. There was even a close above the $112 pivot level and the 100 hourly simple moving average. The price traded towards the $125 resistance level where sellers emerged. As a result, there was a downside reaction and the price declined below $120.

During the slide, there was a break below the 23.6% Fib retracement level of the recent wave from the $99 low to $125 high. Moreover, there was a break below a connecting bullish trend line with support at $119 on the hourly chart of ETH/USD. The pair is now approaching a couple of important supports above the $112 level. An initial support is at $114 and the 100 hourly simple moving average. The next support is at $112 and the 50% Fib retracement level of the recent wave from the $99 low to $125 high. If there is a break below $112 ad $111, the price could decline towards $105.

Looking at the chart, ETH price traded with a bullish angle above the $120 level, but failed near $125. It is currently correcting lower towards the $112 support, which could stop losses.

Hourly MACDThe MACD is moving back in the bearish zone.

Hourly RSIThe RSI declined and it is currently just near the 50 level.

Major Support Level – $112

Major Resistance Level – $120

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