How Will Ethereum Perform This Week?

News / 29.12.2019

The price of ETH/USD is moving close to remarkable levels. There is a need for the price to surge over $130 and $135 to begin a powerful move to the upside.

In the previous week, the price declined further under the support at $126. Nevertheless, a look at the 4-hour price chart of ETH against the USD shows that the price was close to the support zone at $122 and remained under the 100 SMA.

It was able to form its latest low close to $123, prior to the beginning of an upside correction. The price continued over the hurdle zone at $125.

Further, a key resistance was formed close to the zone at $130. A crucial observation on the same chart is the formation of a selling trend line with hurdle close to $130.

On the same chart, the immediate hurdle over the trend line is close to $132 and the 100 SMA. The key hurdle is close to $135 and a move over it is likely to turn bullish. If such upsurge happens, the price of ETH could surge towards the hurdles at $144 and $150.

On the other hand, the price could attempt to surge over the hurdles at $130 and $132. Hence, it is at a risk of a swift move to the downside under the support at $122 and $120.

The ability of the sellers to obtain momentum under $120 could soon lead to a breakdown under the $115 swing low. If the breakdown occurs, the price could visit the support zone at $105.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Patrick is a third culture kid born to Brazilian parents, who enjoys reading, writing and thinking. He believes we need to be relentlessly improving models for investing in good ideas and moving them from the lab to the market, which naturally draws him to the cryptocurrency and blockchain space.