ETH price is currently consolidating above the $116 and $117 support levels against the US Dollar. Yesterday’s highlighted key bearish trend line is active with resistance at $126 on the hourly chart of ETH/USD (data feed via Kraken). The pair may gain bullish momentum sooner or later as long as it is above the $116 support.

Ethereum price is trading in ranges against the US Dollar and bitcoin. ETH/USD might start a solid upward move if it continues to hold the $116 support area in the near term.

Recently, ETH price climbed above the $125 resistance made an attempt to break $128 against the US Dollar. However, the ETH/USD pair failed to gain strength above the $128 resistance and later declined. It moved below the $125 and $123 support levels. More importantly, there was a break below the $121 level and the 100 hourly simple moving average. However, the $116 and $117 support levels once again acted as a solid support and prevented more declines.

A low was formed near $117.27 and the price later recovered. It climbed above the 23.6% Fib retracement level of the last drop from the $128 high to $117 low. On the upside, there are many hurdles for buyers, starting with the $123 level and the 100 hourly simple moving average. It also coincides with the 50% Fib retracement level of the last drop from the $128 high to $117 low. Besides, yesterday’s highlighted key bearish trend line is active with resistance at $126 on the hourly chart of ETH/USD. An intermediate resistance is near the $125 level and the 61.8% Fib retracement level of the last drop.

Looking at the chart, ETH price is likely to struggle to clear the $123, $125 and $128 resistance levels. Having said that, as long as the price is above $116, it could start a steady rise in the near term.

Hourly MACD – The MACD for ETH/USD is slightly placed in the bullish zone, with a flat structure.

Hourly RSI – The RSI for ETH/USD is moving nicely above the 50 level, but with no bullish signals.

Major Support Level – $116

Major Resistance Level – $128

The post Ethereum Price Analysis: ETH Could Rally If $116 Support Holds appeared first on NewsBTC.

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