Likely performance of Ethereum this week

News / 22.12.2019

The price of ETH/USD is maintaining some crucial supports. There is a likelihood of the price recovery over $122.

In the previous week, the price of ETH began a modest recovery wave from the swing low at $115. The price continued to the upside over the hurdles at $120 and $125.

Further, a look at the 4-hour chart of ETH against the USD shows that it established a close over $125 as well as the 100 SMA. This paved way for additional gains over $130. The price eventually attained the hurdle at $135 and the bears took a stand.

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

A downside break under the supports at $125 and $122 could make the price to decline towards the support at $120. Additional declines may lead to downtrend and bring about a new selling wave under $115.

A look at the upside reveals several resistances close to $132 and $135. On the same chart, there is the formation of a selling trend line with hurdle close to $132. Hence, if the price closes over the hurdles at $132 and $135, there is likelihood of having another uptrend.

The immediate major resistance is close to $140 and a move over it could take the price to $150.

 

Featured image courtesy of Shutterstock. Source: CryptoPress.

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.