ETH/USD: Ethereum bulls return, $130 is nigh
|- Ethereum spiked over 15% reclaiming a couple support levels at $110 and $120.
- The buyers must clear the supply zone resistance for a correction towards $130.
Ethereum price has been stable above $120 over the last seven days following the bull rally last Friday. Ethereum spiked over 15% reclaiming a couple support levels at $110 and $120. However, the bullish momentum ran out of steam on touching $127 and opened the door for the bears leading to a slide that touched $118 support on February 11.
At press time, the cryptocurrency live rates provided by FXStreet show ETH grinding higher 1.7% on the day. It has tested the supply zone between $124 and $126 several times without success. The buyers must clear the supply zone resistance for a correction towards $130.
Technical indicators like the Relative Strength Index (RSI) is pointing to the south. In the short-term Ethereum is bearish. However, the medium-term outlook is bullish with the trendline acting as a bouncing wall. Moreover, the 1-hour 100-day Simple Moving Average (SMA) is also offering support marginally above $122. The next support level exits at $120 while the extended declines will seek refuge at $118, $110 and $100.
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