Ethereum price retested the $102.00-103.00 support and recovered recently. ETH/USD is currently trading above the $115.00 resistance with a positive angle.
- Ethereum price formed a double bottom pattern near $102.50 and recovered.
- ETH/USD broke a crucial bearish trend line with resistance at $114.50 on the 30-minute chart.
- The price could dip a few points, but it is likely to climb higher towards $121.00 or $124.00.
Ethereum Price Analysis
Recently, there was a downside move in Ethereum price from the $122.18 swing high. The price traded lower below the $115.00 and $106.00 support levels before buyers appeared near the $102.00-103.00 support area.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair retested the $102.00-103.00 support area where buyers appeared. It seems like the price formed a double bottom pattern near $102.50, which could result in gains in the short term.
There was decent upward move recently and the price moved above the $108.00 resistance and the 25 simple moving average (30-min). Besides, there was a break above the 50% Fib retracement level of the last drop from the $122.18 high to $102.20 low.
Buyers were also successful in pushing the price above a crucial bearish trend line with resistance at $114.50 on the same chart of ETH/USD. The pair jumped above the $115.00 resistance and traded as high as $118.97.
An initial support on the downside is near $115.00 and the 23.6% Fib retracement level of the recent wave from the $102.20 low to $118.97 high. However, the key support is near the $112.00 level and the 25 simple moving average (30-min).
Below $112.00, the price may test the 50% Fib retracement level of the recent wave at $110.65. Therefore, if there is a downside correction, the price could find support near the $115.00 or $112.00 level.
Overall, Ethereum price likely formed a double bottom pattern near $102.50, which could result in more gains above the $120.00 level. Should there be an upside break above $120.00 in ETH, the price could rally towards the $140.00 level.
The market data is provided by TradingView, Bitfinex.
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