How Will Ethereum Perform This Week?
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.