- Ethereum price finds support $120 stopping the weekend-long losses from $152 (previous week high).
- Short term analysis shows technical levels aligned for an upward action but ETH/USD remains largely in the hands of the bears in the long term.
Ethereum price is comfortably sitting above $120 following the most recent rejection at $152. Support at $140 and $130 failed to rise to the occasion as bears swung into action over the weekend. At the time of writing ETH/USD is teetering at $124, although it has grown in value by 1.83% on the day.
The immediate support is provided by the ascending trendline. Besides, the prevailing momentum is bullish based on the RSI’s stability above 30. In addition to that, the Elliot Wave Oscillator is recording the seventh consecutive bullish session. Advancement above $130 is needed to boots the bulls’ effort towards the critical 23.6% Fibo taken between $288 and $90 (slightly under $140).
It is likely that recovery above $200 will take several weeks while gains past $300 could take months especially when the gap between the 50-day SMA and the 200-day SMA continues to widen. For several weeks now Ethereum has not been able to sustain gains above $140 let alone $150. These two zones are very critical and if not conquered would continue to derail the recovery. On the downside, $120, $110 and $100 will continue to function as vital support areas.
ETH/USD daily chart
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