Ethereum price is gaining momentum above $125.00 and remains supported on dips. ETH/USD is likely to break the $128.00 level to climb to a new monthly high, possibly above $130.00.
- Ethereum price is placed in a positive zone above the $123.20 and $121.40 support levels.
- ETH/USD seems to be forming a crucial triangle pattern with resistance near $126.80 on the 30-minute chart.
- The price could break the $128.00 resistance and rise to a new monthly high above $130.00.
Ethereum Price Analysis
After a downside correction, Ethereum price found support near the $119.00-120.00 area. ETH traded as low as $119.22 and later started a fresh upward move above the $120.00, $121.40 and $123.00 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair even traded above the $125.00 resistance and the 25 simple moving average (30-min). However, buyers failed to take out the last swing high at $128.16 and formed a high at $127.00.
Later, there was a minor downside correction below the $125.00 level and the 23.6% Fib retracement level of the recent rise from the $119.22 low to $127.00 high.
The recent decline was contained and losses were protected by the $123.00 support area. Besides, the 25 simple moving average (30-min) and the 50% Fib retracement level of the recent rise from the $119.22 low to $127.00 high also acted as strong supports.
The price bounced back and it is currently approaching the $127.00 high. It seems like there is a crucial triangle pattern in place with resistance near $126.80. If buyers gain strength above the $126.80 resistance and the $127.00 high, there are chances of a fresh above the $128.16 high.
The next key resistance is at $130.00, above which the price could rise towards the $132.00 and $135.00 resistance levels. On the downside, the $125.00 level is an initial support along with the 25 SMA. The main supports are near the $123.20 and $121.40 levels.
The current price action is positive and it seems like Ethereum price is likely to climb above $127.00, $128.00 and $130.00 levels in the near term.
The market data is provided by TradingView, Bitfinex.