Ethereum at Potentially Key Turning Point, Bitcoin Holding $7K

• Ethereum is still trading above the $122 and $125 support levels against the US Dollar.
• The price could start a decent increase above the $128 and $130 resistance levels.
• This week’s major bearish trend line was breached with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken).
• Bitcoin spiked above $7,300, but it failed to continue higher and it is now near $7,200.

Ethereum price is trading above major uptrend supports versus the US Dollar and bitcoin. ETH price must settle above $130 to start a fresh increase in the near term.

Ethereum Price Analysis

After forming a support base near $123 and $125, Ethereum price rallied against the US Dollar. ETH price surged above the $128 and $130 resistance levels.

Moreover, this week’s major bearish trend line was breached with resistance near $126 on the hourly chart of ETH/USD. The pair tested the $132 resistance, but it failed to stay above the 100 hourly simple moving average.

A high was formed near $132 and the price declined heavily back below $130. It is now consolidating above the $125 support and below the 100 hourly simple moving average.

A low is formed near $124, and the price is currently testing the 23.6% Fib retracement level of the recent decline from the $132 high to $125 low. An immediate resistance is near the $127 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the recent decline from the $132 high to $125 low is near the $128 level. The main hurdles are still near the $130 level. A successful close above the $130 level could start a strong rise in the coming sessions.

Additionally, the next major resistance is seen near the $135 level. Conversely, Ethereum price might struggle to climb above the $128 and $130 resistance levels.

On the downside, an initial support is near the $125 level, below which the price could test the $123 low or the $122 support. The next major support is near the $120 level. A clear break below $120 may perhaps lead the price towards the $116 and $115 levels.

Ethereum Price

Looking at the chart, Ethereum price clearly failed to stay above the $130 resistance and trimmed most gains. However, the $125 and $123 levels are important. As long as there is no close below $120, the price could recover slowly towards $135.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level, with a minor bearish angle.

Major Support Level – $123

Major Resistance Level – $130