bitcoinBTC/USD
$ 6,327.47 1.78%
ethereumETH/USD
$ 132.32 0.57%
rippleXRP/USD
$ 0.172364 0.09%
tetherUSDT/USD
$ 0.999563 0.08%
bitcoin-cashBCH/USD
$ 216.46 0.84%
litecoinLTC/USD
$ 38.61 0.40%
eosEOS/USD
$ 2.21 0.31%
binancecoinBNB/USD
$ 12.37 2.01%
bitcoin-cash-svBSV/USD
$ 163.13 1.02%
stellarXLM/USD
$ 0.040074 0.74%
cardanoADA/USD
$ 0.029945 0.22%
tronTRX/USD
$ 0.011519 0.57%
moneroXMR/USD
$ 47.20 0.75%
iotaMIOTA/USD
$ 0.142529 0.06%
dashDASH/USD
$ 64.40 1.00%
neoNEO/USD
$ 6.68 0.81%
zcashZEC/USD
$ 30.77 0.90%

Ethereum at Potentially Key Turning Point, Bitcoin Holding $7K

  • Ethereum is still trading above the $122 and $125 support levels against the US Dollar.
  • The price could start a decent increase above the $128 and $130 resistance levels.
  • This week’s major bearish trend line was breached with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin spiked above $7,300, but it failed to continue higher and it is now near $7,200.

Ethereum price is trading above major uptrend supports versus the US Dollar and bitcoin. ETH price must settle above $130 to start a fresh increase in the near term.

Ethereum Price Analysis

After forming a support base near $123 and $125, Ethereum price rallied against the US Dollar. ETH price surged above the $128 and $130 resistance levels.

Moreover, this week’s major bearish trend line was breached with resistance near $126 on the hourly chart of ETH/USD. The pair tested the $132 resistance, but it failed to stay above the 100 hourly simple moving average.

A high was formed near $132 and the price declined heavily back below $130. It is now consolidating above the $125 support and below the 100 hourly simple moving average.

A low is formed near $124, and the price is currently testing the 23.6% Fib retracement level of the recent decline from the $132 high to $125 low. An immediate resistance is near the $127 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the recent decline from the $132 high to $125 low is near the $128 level. The main hurdles are still near the $130 level. A successful close above the $130 level could start a strong rise in the coming sessions.

Additionally, the next major resistance is seen near the $135 level. Conversely, Ethereum price might struggle to climb above the $128 and $130 resistance levels.

On the downside, an initial support is near the $125 level, below which the price could test the $123 low or the $122 support. The next major support is near the $120 level. A clear break below $120 may perhaps lead the price towards the $116 and $115 levels.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price clearly failed to stay above the $130 resistance and trimmed most gains. However, the $125 and $123 levels are important. As long as there is no close below $120, the price could recover slowly towards $135.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is just below the 50 level, with a minor bearish angle.

Major Support Level – $123

Major Resistance Level – $130

Ethereum at Potentially Key Turning Point, Bitcoin Holding $7K was last modified: December 27th, 2019 by Aayush Jindal

The post Ethereum at Potentially Key Turning Point, Bitcoin Holding $7K appeared first on NewsBTC.

Comments (No)

Leave a Reply