Ethereum on the verge of breaking above $120

Cryptocurrencies shake off the bear pressure as the bulls return with a bang.
Ethereum bulls test $120 resistance level after blasting past $110 hurdle.

The cryptocurrency market is steadily climbing out of the dark ‘crypt’. Ethereum alongside other digital assets is making corrections to the upside. Similarly, it has added 13.5% on its value on Friday evening (GMT) session).

Ethereum had spiraled below key support levels at $120 and $110. Moreover, the declines head extended towards $100. Investors were expecting further breakdown that was likely to refresh the lows in 2018 close to $80 before Ethereum could reverse the trend. However, the entire market has today bounced from the pit with Ethereum not only correcting above $110 but also testing $120 hurdle.

At the time of writing, ETH/USD is trading at $119.29 above both the 4-hour 50-day Simple Moving Average (SMA) and the 100-day SMA. Both the Moving Averages will now act as support lines in the event the bears return to send Ethereum back to the drawing board.

Looking at the chart, Ethereum is still poised for more gains that could see it step above $120. The bulls continue to ignore the oversold levels shown by the Relative Strength Index (RSI). This means that Ethereum was trading way below its market value. Likewise, the Moving Average Convergence Divergence (MACD) is in maintain its upward direction inside the positive territory (4-hour range).

ETH/USD 4-hour chart

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