ETH price remained nicely supported on the downside above $120 and $118 against the US Dollar. Yesterday’s highlighted key bullish trend line is intact with support at $120 on the hourly chart of ETH/USD (data feed via Kraken). The pair is following a bullish structure and it could continue to move higher above $125 in the near term.
Ethereum price is slowly gaining bullish momentum against the US Dollar and bitcoin. ETH/USD is likely to break the recent high and trade above the $128 and $130 resistance levels.
Ethereum Price Analysis
In the past few sessions, there were mostly range moves below the $125 resistance in ETH price against the US Dollar. The ETH/USD pair dipped towards the $118 and $120 supports on a couple of occasions. However, buyers were able to defend losses, resulting in a bullish reaction. Recently, there was a nice upward move and the price spiked above the $125 resistance, but buyers failed to hold gains. A high was formed at $125.41 and later the price corrected lower. It dipped below the $124 and $122 levels. Besides, there was a break below the 50% Fib retracement level of the recent wave from the $117 low to