Currency.com Daily Challenge
Today prize pool
$
0
.
0
0
I'm in

Ethereum price analysis: $125.00 level key weekly pivot

By Nathan Batchelor

Ethereum price analysis indicates that a breakout above the $125.00 level could spark a rally towards the $150.00 level. The bearish medium-term target is seen at $80.00.

Ethereum faces a huge trading week ahead after the second-largest cryptocurrency by market capitalisation plunged to its weakest trading level since June 2017 last Friday.

Ethereum price analysis shows that the $125.00 level is likely to act as a major pivot point for the cryptocurrency this week.

ETH/USD medium-term price trend

Ethereum suffered its largest one-day drop since January 2018 last Friday as the altcoins incurred a brutal market sell-off alongside Bitcoin.

After a promising start to the year the medium-term prospects for the cryptocurrency are now in question, with the ETH/USD pair trading down more than 50 per cent from its 2020 price high.

Ethereum technical analysis shows that if bulls fail to gain traction above the pivotal $125.00 level the cryptocurrency could slide back to the 2018 low, around the $80.00 level.

If bulls can somehow manage to build traction above $125.00 the ETH/USD pair could rally towards the $155.00 resistance level.

It is noteworthy that the ETH/USD pair has turned technically bearish since breaking below the $185.00 level last week.

ETH/USD short-term price trend

Ethereum technical analysis over the short term shows that the cryptocurrency has a bearish short-term bias while the price trades below the $175.00 level.

A bullish inverted head-and-shoulders pattern will form if the price starts to stabilise above the $150.00 level. The size of the pattern implies a potential rally towards the $210.00 level could be forthcoming.

With this in mind, the one and four-hour time frames appear to confirm that the $150.00 level should be pivotal this week.

Interestingly, bullish MACD price divergence has also built up during the recent decline across the 30-minute timeframe.

The bullish MACD price divergence extends towards the $185.00 level, which is also the ETH/USD pair’s 200-day moving average.

ETH/USD technical summary

Ethereum technical analysis shows that the $125.00 level should remain pivotal for the ETH/USD pair’s short and medium-term directional bias. If the bearish trend continues, the cryptocurrency could test towards the $80.00 level.

iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and FX pairs with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and FX pairs with crypto or fiat
iMac Image
VISA MASTERCARD Yandex Money WIRE Faster payments SEPA PCI BTC ETH