Ethereum Price Analysis: ETH Could Extend Consolidation Above $114

ETH price remained in a range and consolidated above the $114 and $116 supports against the US Dollar. There was a break below a short term contracting triangle with support at $119 on the hourly chart of ETH/USD (data feed via Kraken). The pair might continue to consolidate and it could even test the $114 support area in the near term.

Ethereum price is showing signs of extended consolidation against the US Dollar and bitcoin. ETH/USD could decline towards the $114 support before the next upward move.

Ethereum Price Analysis

Recently, we saw a decent upward move in ETH price above the $122 level against the US Dollar. The ETH/USD pair tested the $125 resistance zone and later corrected lower. It declined below the $124 and $122 levels to start a short term downside correction. There was a break below the 50% Fib retracement level of the last leg from the $115 swing low to $125 high. The price even traded below the $120 level, but it stayed above the 100 hourly simple moving average.

Moreover, there was a break below a short term contracting triangle with support at $119 on the hourly chart of ETH/USD. The pair tested the