Ethereum trading $122+ (Bitfinex) and showing signs of strong upward momentum.
Looking at the ethereum trends on Hourly (4H) chart timeframe, we can observe a few bullish signs. It has broken short-term downtrend line (red) as well as 200H-Moving Average which was acting as strong resistance as stated in the article published last week.
If we look at the ethereum price analysis today on hourly time-frame(4H), it has penetrated through the Ichimoku cloud and needs to hold above cloud for further bullish momentum. Though Stoch-RSI indicator is in the oversold region (bullish), MACD indicator is entering into the bearish territory.
Looking at the ethereum technical analysis today, It needs to hold the present level to test (touch) the immediate resistance (Red) around $140+ price level. Also, there is a possibility of an S/R flip at the current level but if it doesn't happen then we might see the $113-$110 price level as there is not upcoming ethereum news to act as a catalyst.
Over the past 2 days, Ethereum (ETH/USD) has managed to move 20%+ while the entire crypto market remains in the strong momentum.Ethereum price analysis 2019 states it needs to undergo a corrective rally before continuing the bullish momentum.
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2020-01-15 12:48:51.724301 | 2 min