Ethereum price analysis: A recovery impends

There is little to no activity in the cryptocurrency market at the time of press. The trading mundane while cryptocurrencies are stuck in resistance ranges after breaking past key support levels during the weekend trading. Ethereum, for instance, made an attempt to correct towards $130. However, the market turned bearish dragging Ethereum with it.

There was a drop below the trendline support at $121.59 as discussed in the price analysis yesterday. The next support target at $120 could not hold the declines as the bears increased their grip. Ethereum found support at $115 before making a slight bounce. Unfortunately, the bulls lack the momentum to sustain significant movements upward and ETH/USD is capped below the 50-day Simple Moving Average (SMA).

Ethereum is currently in the green amid the general bearish trend across the market. The crypto is poised for a move that could break above the 50-day SMA resistance while the bulls’ eyes target $120. Looking at the Relative Strength Index (RSI) in an hourly range, we see the indicator is making an upward move above the oversold towards the 50% mark. This shows that the buyers are gaining traction against the bears. Moreover, the Moving Average Divergence Convergence (MACD) in the same range is almost crossing into the positive zone. Ethereum impending breakout could test $120 in the short-term and stage another move towards $130 (key resistance).

ETH/USD 1-hour chart