Ethereum Price at Likely Major Turning Point
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Ethereum Price at Likely Major Turning Point

December 27, 2019      Cryptoknowmics

The price of ETH/USD has attained key uptrend supports. It needs to establish a level over $130 to begin a new increase in the near term.

The price rallied following the formation of a support base close to $123 and $125. It was able to move beyond hurdles at $128 and $130.

Further, a look at the hourly chart of ETH against the USD shows that there was a breach of the key selling trend line of the week with hurdle close to $126. It visited the hurdle at $132, but could not remain over the 100 hourly SMA.

There was the formation of a high close to $132 and the price experienced a heavy fall to under $130. At the moment, it is into consolidation over the support at $125 and under the 100 hourly SMA.

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The next hurdle is close to $127 and the 100 hourly SMA. The major hurdles remain close to $130. A powerful surge may ensue ahead following a close over $130.

Besides, the immediate key hurdle is observed close to $135. On the other hand, the price could struggle to surge over the hurdles at $128 and $130.

A look at the downside shows that the first support is close to $125. A move under it may lead to the $123 low or support at $122. The immediate key support is close to $120. The price may move to reach $116 and $115 if it breaks under $120.

#ETH Price Prediction #Ethereum

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