How Will Ethereum Perform This Week?
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.
by Wayne Jones
by Wayne Jones
by Wayne Jones