Double Bottom Pushes Price Higher

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Ethereum price retested the $102.00-103.00 support and recovered recently. ETH/USD is currently trading above the $115.00 resistance with a positive angle.

  • Ethereum price formed a double bottom pattern near $102.50 and recovered.
  • ETH/USD broke a crucial bearish trend line with resistance at $114.50 on the 30-minute chart.
  • The price could dip a few points, but it is likely to climb higher towards $121.00 or $124.00.

Ethereum Price Analysis

Recently, there was a downside move in Ethereum price from the $122.18 swing high. The price traded lower below the $115.00 and $106.00 support levels before buyers appeared near the $102.00-103.00 support area.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair retested the $102.00-103.00 support area where buyers appeared. It seems like the price formed a double bottom pattern near $102.50, which could result in gains in the short term.

There was decent upward move recently and the price moved above the $108.00 resistance and the 25 simple moving average (30-min). Besides, there was a break above the 50% Fib retracement level of the last drop from the $122.18 high to $102.20 low.



Buyers were also successful in pushing the price above a crucial bearish trend line with resistance at $114.50 on the same chart of ETH/USD. The pair jumped above the $115.00 resistance and traded as high as $118.97.

An initial support on the downside is near $115.00 and the 23.6% Fib retracement level of the recent wave from the $102.20 low to $118.97 high. However, the key support is near the $112.00 level and the 25 simple moving average (30-min).

Below $112.00, the price may test the 50% Fib retracement level of the recent wave at $110.65. Therefore, if there is a downside correction, the price could find support near the $115.00 or $112.00 level.

Overall, Ethereum price likely formed a double bottom pattern near $102.50, which could result in more gains above the $120.00 level. Should there be an upside break above $120.00 in ETH, the price could rally towards the $140.00 level.

The market data is provided by TradingView, Bitfinex.



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