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Ethereum Price Analysis: ETH/USD is testing a wedge formation just above 130.00

  • Ethereum is trading just above flat on Tuesday after a bounce back from the weekend lows. 
  • There is now a wedge formation on the hourly chart that could help us determine the future direction.
Ethereum Price Analysis: ETH/USD is testing a wedge formation just above 130.00
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ETH/USD 1-hour chart

Ethereum has struggled for direction on Tuesday after a bounce back from the weekend lows. Now the price has formed a wedge formation on the hourly chart and may break by the end of the US session. The 130.00 level seems to be intact after a few downside tests recently. If the level does break one of the main support levels is close to the 125.00 level and it seems to be slightly stronger.

Looking closer at the chart now, the MACD histogram seems to be trying to turn positive. The signal line is above the mid-point and there looks like there might be a positive crossover. The volume is looking pretty weak at the moment which is a concern if there is to be an upside break it would be nice to see some volume behind the move for confirmation. Then the next target up could be the top of the next consolidation zone at 144.16.

Ethereum Wedge Pattern

Additional levels

ETH/USD

Overview
Today last price133.07
Today Daily Change0.77
Today Daily Change %0.58
Today daily open132.3
 
Trends
Daily SMA20131.37
Daily SMA50198.53
Daily SMA100179.07
Daily SMA200175.44
 
Levels
Previous Daily High135.47
Previous Daily Low124.17
Previous Weekly High144.05
Previous Weekly Low119.36
Previous Monthly High288.7
Previous Monthly Low179.06
Daily Fibonacci 38.2%131.15
Daily Fibonacci 61.8%128.49
Daily Pivot Point S1125.83
Daily Pivot Point S2119.35
Daily Pivot Point S3114.53
Daily Pivot Point R1137.12
Daily Pivot Point R2141.94
Daily Pivot Point R3148.42

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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