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Ethereum price is gaining momentum above $125.00 and remains supported on dips. ETH/USD is likely to break the $128.00 level to climb to a new monthly high, possibly above $130.00.

  • Ethereum price is placed in a positive zone above the $123.20 and $121.40 support levels.
  • ETH/USD seems to be forming a crucial triangle pattern with resistance near $126.80 on the 30-minute chart.
  • The price could break the $128.00 resistance and rise to a new monthly high above $130.00.

Ethereum ETH Price

Ethereum Price Analysis

After a downside correction, Ethereum price found support near the $119.00-120.00 area. ETH traded as low as $119.22 and later started a fresh upward move above the $120.00, $121.40 and $123.00 resistance levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even traded above the $125.00 resistance and the 25 simple moving average (30-min). However, buyers failed to take out the last swing high at $128.16 and formed a high at $127.00.

Later, there was a minor downside correction below the $125.00 level and the 23.6% Fib retracement level of the recent rise from the $119.22 low to $127.00 high.

The recent decline was contained and losses were protected by the $123.00 support area. Besides, the 25 simple moving average (30-min) and the 50% Fib retracement level of the recent rise from the $119.22 low to $127.00 high also acted as strong supports.

The price bounced back and it is currently approaching the $127.00 high. It seems like there is a crucial triangle pattern in place with resistance near $126.80. If buyers gain strength above the $126.80 resistance and the $127.00 high, there are chances of a fresh above the $128.16 high.

The next key resistance is at $130.00, above which the price could rise towards the $132.00 and $135.00 resistance levels. On the downside, the $125.00 level is an initial support along with the 25 SMA. The main supports are near the $123.20 and $121.40 levels.

The current price action is positive and it seems like Ethereum price is likely to climb above $127.00, $128.00 and $130.00 levels in the near term.

The market data is provided by TradingView, Bitfinex.


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Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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