Ethereum bounces from key support: Could hit $120 weekly high
- Ethereum price lags behind as cryptocurrencies stage a recovery from key support levels.
- Bulls have eyes glued on $120 but first, the hurdle at the 61.8% Fin level must be cleared.
Ethereum is making significant headway after defending the support at $115. Since this week’s trading started, the upside has been capped at $120. The buyers, on the other hand, have drawn a line in the sand stopping all declines towards the now important support at $115.
The market is mixed red and green at the moment. Bitcoin is correcting higher alongside Ripple’s XRP. Dash (DASH) is the biggest single digit gainer of the day after adding 3%. Other assets that are performing well are Monero and NEO.
The third largest digital asset is trading at $117, although it is still dancing in the red with intraday declines of 0.26%. The 100-day Simple Moving Average (SMA) is the immediate resistance while the 50-day SMA is offering support at $116.61.
The bulls have their eyes locked on the supply zone at $120 but first, they must overcome the resistance at the 61.8% Fib retracement level with the last swing high of $120.85 and a swing low of $113.58 (also range resistance). A step above $120 will open the gate for more upside correction that could test $130. Meanwhile, it is vital for the bulls to sustain ETH/USD above $115. This will play a big role in ensuring that the crypto does not breakdown further towards $100.00.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
