ETH Price Is Facing Significant Resistance: Can Bulls Make It?

The ETH price is facing significant resistance now, positioned near the 100 SMA and the key $120 level which the bulls are aiming at. After a decent upward move with 7% in profits on the day, Ethereum’s token climbed above the $115 resistance against the US Dollar. It even broke the $120 resistance but remained below the 100 hourly simple moving average.

Currently, it seems like the bulls made a couple of attempts to gain strength above $120 and the 100 hourly simple moving average but failed in that. Besides, we could see a break above a connecting bearish trend line with resistance near $116 on the hourly chart of the ETH/USD pair.

The last swing high as we can see, was the one formed near the $121 level and the ETH price is facing resistance now, trading lower. In the ETH news, we can see how the price is testing the 23.6% Fib retracement level of the upward move from the $100 low to the $121 high.

Any further gains position ETH closer to the next $125 level which is seen as resistance and above which the bulls are likely to aim at $130. The gains in this manner could improve the market sentiment and the price may perhaps rise towards the $150 level.

On the downside, an initial support for Ethereum is near the $112 level. It is very close to the 50% Fib retracement level of the upward move from the $100 low to the $121 high. Next up, we have support near the $110 level, below which the ETH price is facing moves lower towards the $105 level. Any further losses are likely to lead the price back towards $100 in the near term.

The technical indicators for Ethereum in the latest cryptocurrencies news are as following:

• Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
• Hourly RSI – The RSI for ETH/USD is currently sliding and it is close to the 50 level.
• Major Support Level – $112
• Major Resistance Level – $120

Currently, the price of Ethereum (ETH) is stable above $120 with 7.48% gains on the day. However, as we know from many times before, the price may go down and correct itself as the day continues. Even with this, ETH is the biggest gainer in the top along with Binance Coin (BNB) and Tezos (XTZ).