The price of Ethereum ETH is stuck in a key range today above the $110 support area against the US dollar. The ETH price must break the 2 and 4 resistance levels in order to start a fresh increase.
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Currently, Ethereum is consolidating below the $144 resistance area against the US dollar. In fact, the latest Ethereum news show that the price remains well supported on the donwside but there is a lot of room to grow to the $132 or $144 levels. At the current price of $111, ETH is very weak and seems to be forming a major range between the lower and higher levels.
The key swing low was near the $90 level before the price recovered towards $145. But as the Bitcoin news now are showing losses, ETH is weak and there is no decent support forming so that we see a price high of $140 soon.
On the upside, there are a few key hurdles near the $132 and $140 levels. However, ETH is stuck between the major bearish line forming with resistance near $110 on the hourly chart of the ETH/USD – and the resistance at $142 which is close to the 100 hourly simple moving average.
Therefore, the next steps for this cryptocurrency would be to surpass the $120 levels, rise to $142 and the 100 hourly simple moving average and start a strong increase in the near term. Obviously, all of this is too optimistic but if that happens, the next major resistance will be seen near the $155 and $160 levels.
If ETH fails to recover, there is an obvious risk of more losses. An initial support is now near the $118 level. The first major support is near the $110 level, below which the price could accelerate lower. The next key support is near the $102 and $100 levels where the bulls may emerge.
Knowing that there aren’t any developments now and knowing the fears related to the coronavirus and the COVID-19 deadly flu, ETH is stuck in a weak range and just like most markets (except for gold), it is still trying to navigate a way towards more gains. The volume is crucial at this time and traders must know how to handle it.
The technical indicators are as following:
- Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently just below the 45 level, with a bearish angle.
- Major Support Level – $118
- Major Resistance Level – $140
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