Ethereum price climbed higher recently and traded towards $102.50. ETH/USD is following a bullish path with support near $92.00 and $90.00.
- Ethereum price is slowly recovering, but it is struggling to surpass the $100.50-102.50 resistance.
- ETH/USD is following an ascending channel with support near $90.00 on the 30-minute chart.
- The price could correct lower towards $92.00 or $90.00, but dips remain supported.
Ethereum Price Analysis
After trading as low as $83.00, Ethereum price started a short term upside correction. It moved above the $85.00 and $92.00 resistance levels, but it struggled to clear the $100.50 and $102.50 resistance levels.
Click to Enlarge Chart
Looking at the 30-minuteof ETH/USD, the pair formed two swing highs at $100.50 and $102.50 and it recently declined below the $96.00 level and the 25 simple moving average (30-min).
The price declined below the 50% Fib retracement level of the recent wave from the $85.64 low to $102.50 high. However, there are many key supports formed on the downside near the $92.00 and $90.00 levels.
An immediate support is at $92.20 and the 61.8% Fib retracement level of the recent wave from the $85.64 low to $102.50 high. Below $92.20, the next key support is near the $89.50-90.00 zone.
More importantly, there is a major ascending channel in place with support near $90.00 on the same chart. Therefore, if the price declines further, it is likely to find support near $92.20 or $90.00. Should ETH fail to stay above the $90.00 support, the price may perhaps slide into a bearish zone. The next support is at $86.00, below which the price may revisit the $83.00 swing low.
On the upside, an initial resistance is near the $96.50 level and the 25 simple moving average (30-min). However, the main hurdles for Ethereum buyers is near the $100.50 and $102.50 resistance levels. A successful close above the $102.50 swing high is likely to accelerate gains towards the $105.00 and $110.00 levels.
The market data is provided by TradingView, Bitfinex.
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