Ethereum is currently holding the key $100 support zone against the US Dollar. ETH price is slowly recovering and it seems to be eyeing a crucial upside break above $126 and $130.<\/p>\n
Yesterday, there was a fresh decline in Ethereum from the $130 resistance area against the US Dollar. ETH price broke the $120 and $115 support levels to move back into a bearish zone.<\/p>\n
The bears were able to push the price below the $110 level and the price settled well below the 100 hourly simple moving average. A new weekly low is formed near $100, where the bulls emerged.<\/p>\n
As a result, Ethereum started an upside correction and traded above the $108 and $110 levels. There was a break above the 23.6% Fib retracement level of the downward move from the $134 swing high to $100 low.<\/p>\n
The price is now trading near the $118 and $120 resistance levels. It seems like the 50% Fib retracement level of the downward move from the $134 swing high to $100 low is acting as a strong hurdle.<\/p>\n
More importantly, two key bearish trend lines are forming with resistance near $128 on the hourly chart of ETH\/USD. The 100 hourly simple moving average is also positioned near the $127 level to stop the bulls.<\/p>\n
Ethereum Price<\/p>\n
Therefore, a successful close above the $130 resistance and the 100 hourly SMA is needed to start a strong increase in the near term. The next key hurdle for the bulls is near the $144 and $145 levels.<\/p>\n
If Ethereum struggles to continue above the $128 and $130 resistance levels, it could start another drop. An initial support is near the $110 and $108 level.<\/p>\n
A clear break below the $108 support may perhaps lead the price towards the $100 support area. Any further losses are likely to spark a panic sell move and the price could drop towards $90 or $85.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD The MACD for ETH\/USD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI The RSI for ETH\/USD is currently rising and it is above the 50 level.<\/p>\n
Major Support Level $108<\/p>\n
Major Resistance Level $128<\/p>\n
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Read more:<\/p>\n
Ethereum Could Recover Significantly If It Clears The $130 Resistance: Heres Why - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum is currently holding the key $100 support zone against the US Dollar. Continue reading