Home Ethereum bounces from key support: Could hit $120 weekly high
Crypto News

Ethereum bounces from key support: Could hit $120 weekly high

  • Ethereum price lags behind as cryptocurrencies stage a recovery from key support levels.
  • Bulls have eyes glued on $120 but first, the hurdle at the 61.8% Fin level must be cleared.

Ethereum is making significant headway after defending the support at $115. Since this week’s trading started, the upside has been capped at $120. The buyers, on the other hand, have drawn a line in the sand stopping all declines towards the now important support at $115.

The market is mixed red and green at the moment. Bitcoin is correcting higher alongside Ripple’s XRP. Dash (DASH) is the biggest single digit gainer of the day after adding 3%. Other assets that are performing well are Monero and NEO.

The third largest digital asset is trading at $117, although it is still dancing in the red with intraday declines of 0.26%. The 100-day Simple Moving Average (SMA) is the immediate resistance while the 50-day SMA is offering support at $116.61.

The bulls have their eyes locked on the supply zone at $120 but first, they must overcome the resistance at the 61.8% Fib retracement level with the last swing high of $120.85 and a swing low of $113.58 (also range resistance). A step above $120 will open the gate for more upside correction that could test $130. Meanwhile, it is vital for the bulls to sustain ETH/USD above $115. This will play a big role in ensuring that the crypto does not breakdown further towards $100.00.

ETH/USD 15′ chart

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.