RATE Group | Ethereum (ETH) Price Primed For More Upsides Unless It Breaks $120
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Ethereum (ETH) Price Primed For More Upsides Unless It Breaks $120

02 Jan Ethereum (ETH) Price Primed For More Upsides Unless It Breaks $120

Posted at 05:32h in Ethereum News by

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  • Ethereum is currently trading in a range below the $130 and $132 resistances against the US Dollar.
  • The price is likely to bounce back as long as it is trading above the $120 support.
  • There is a major bearish trend line forming with resistance near $132 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH could spike towards the $120 support before it starts a real upward move.

Ethereum price is showing a few positive signs versus the US Dollar and bitcoin. ETH price remains well supported for a fresh increase unless it breaks $120.

Ethereum Price Analysis

Recently, Ethereum price found support near the $128 level and started an upside correction against the US Dollar. ETH price recovered above the $130 level and the 100 hourly simple moving average.

Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $138 high to $128 low. However, the price failed to clear the key $132 resistance area.

It seems like the price failed to clear the 50% Fib…

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