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