How Will Ethereum Perform This Week?

News / 22.12.2019

The price of ETH/USD  is maintaining some crucial support levels. There is a likelihood of a price recovery of over $122. In the previous week, the price of Ethereum began a modest recovery wave from the swing low at $120 and $125.

A look at the 4-hour chart of Ethereum against the USD reveals that it established a close over at $125 and 100 SMA. Therefore, this paves the way for further gains over $130. However, the price eventually attained the hurdle at $135, and the bears took a stand.

There was then a high close to $ 135, which led to the correction of gains, thereby trading under $130. Nevertheless, several modest supports exist on the downside close to $125 and $122.

Predicting this Week’s ETH Price

A downside break under the support at $125 and $122 could reduce the price towards the support at $120.  Additionally, it may lead to a downtrend and bring about a new selling wave under $115.

The upside observation shows that there are several resistances close to $132 and $135. On the same chart, there is the formation of a selling trend line with a hurdle close to $132. Therefore, if the price closes over the hurdle of $132 and $135, there is a likelihood of having another uptrend. Meanwhile, the immediate significant resistance is close to $140, and a move over it could take the price to $150.

avatar
Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.