RATE Group | Ethereum Price Analysis: ETH/USD Consolidating Above $120 Support
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Ethereum Price Analysis: ETH/USD Consolidating Above $120 Support

21 Nov Ethereum Price Analysis: ETH/USD Consolidating Above $120 Support

Posted at 07:13h in Ethereum News by

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Key Highlights

  • ETH price declined heavily and traded close to the $120 support level against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $138 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to climb above the $138 and $140 resistance levels to start a decent recovery.

Ethereum price is trading near key supports against the US Dollar and bitcoin. ETH/USD must stay above $120 to recover in the short term.

Ethereum Price Analysis

Yesterday, we discussed that ETH price is in a nasty downtrend and it could decline below $140 against the US Dollar. The ETH/USD pair fell sharply and traded below the $140 and $132 support levels. The decline was such that the price traded close to the $120 level. A low was formed at $121 and the price is currently well below the 100 hourly simple moving average.

At the moment, the price is consolidating above the $120 support. It recently traded above the 23.6% Fib retracement level of the…

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