The price of Ethereum is a major topic in the altcoin news and rumors. As the largest altcoin by market cap, Ethereum has been trading in a weak position at around $111 yesterday. Today, we can see gains of over 9% for the coin and a new price of $116. Despite the recent optimism, traders are sure that the ETH price could recover only if it goes above the $130 mark.
Yesterday, the ETH price broke the $120 and $115 support levels to move back into a bearish zone against he US dollar. The bears were able to push the price below the $110 level and this is how it settled well below the 100 hourly simple moving average. A new weekly low is formed near $100 where the bulls emerged.
As a result of this, Ethereum started an upside correction and traded above the $108 and $110 levels. There was a major break above the 23.6% Fib retracement level of the downward move from a $134 swing high to a $100 low.
Currently, the price is trading near the $118 and $120 resistance levels. It now seems like the 50% Fib retracement level of the downward move from a $134 swing high to a $100 low is acting as the major and strongest hurdle. So, this is why the ETH price could only recover if there is a new gain above $120, followed by $125 and then $130 as the main goal.
The ETH news also show that there are two key bearish trend lines forming with resistance near $128 on the hourly chart of the ETH/USD pair. The 100 hourly simple moving average is also positioned near the $127 level to stop the bulls.
Therefore, a successful close above $130 and the 100 hourly SMA is needed for a strong increase in the near term. As such, the next key hurdle for the bulls is positioned near the $144 and $145 levels.
The ETH price could only visit new gains if it goes above $128 and $130. Any level below this could initiate a drop. The support now is placed near the $110 and $108 levels, and the technical indicators are as following:
- Hourly MACD – The MACD for ETH/USD is slowly positioning in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now rising and is above the 50 level.
- Major Support Level – $108
- Major Resistance Level – $128
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