The Ethereum weekly forecast is featured in the crypto news today because of the relatively still performance of the biggest altcoin out there. Ever since the start of this week, the ETH price was in an upside correction and climbed above $125 against the US dollar. The price is now consolidating above $125 and it could continue to recover.
There is also a key bearish trend line forming with resistance near $132 on the 4-hours chart of ETH/USD. The data shows that this pair could dip a few points but remains well supported near $125 and $122. The Ethereum weekly forecast is optimistic because of the nice recovery wave from the 5 low against the US Dollar.
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ETH climbed above $120 and $125 to start a decent recovery. There was also a close above the $125 level and the 100 simple moving average – which actually opened the doors for even more gains above $130. Finally, the ETH price tested the $135 resistance where sellers appeared.
A high was then formed near $135 and the price started correcting the gains. This is how it traded below the $130 level. The break did result in a nice upward run from $115 to $135 in a relatively short time. Now, the Ethereum weekly forecast shows that there are many decent supports on the downside near $125 and $122.
If there is a new downside break below $125 and $122, the Ethereum news might show the price of the leading altcoin declining towards the $120 support level. Any further losses could spell a new downtrend and spark a fresh bearish wave below $115. This scenario is definitely unwanted among traders.
Therefore, all indicates that a successful close above $132 and $135 will most likely ignite another upward move. The next key hurdle as the Ethereum weekly forecast shows is the one near the $140 level above which the price is likely to increase towards the $150 level.
The technical indicators and charts indicate that ETH is trading above a few important uptrend supports near $122. As long as there is no daily close below $120, there are chances of a new wave above the $130 level in the near term.
The major support level now is at $122 while the major resistance level is still at $135. At press time, Ethereum (ETH) is trading at $130.16 with a $14 billion market cap.
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