Ethereum (ETH) Could Dip And Rip Again, Bitcoin Turns Bullish

Ethereum is correcting lower from $135 and it is trading above $125 against the US Dollar.The price is likely to remain in a positive zone as long as it is above $120.There is a breakout pattern forming with resistance near $128 on the hourly chart of ETH/USD (data feed via Kraken).Bitcoin is showing green signals as it settled nicely above the $7,000 resistance area.Ethereum price is consolidating above $125 versus the US Dollar, similar to bitcoin above $7,000. ETH price might dip a few points, but it could surge again as long as above $120.Ethereum Price AnalysisRecently, we saw a sharp recovery wave in Ethereum from the $115 monthly low against the US Dollar. ETH price rallied above the $120 and $125 resistance levels.Moreover, there was a break above the $130 resistance and the 100 hourly simple moving average. Similarly, bitcoin price climbed sharply above $6,800 and settled above the $7,000 level.Ethereum traded as high as $135 and recently started a downside correction. It traded below $130 and the 100 hourly SMA. Besides, there was a break below the 23.6% Fib retracement level of the recent jump from the $115 low to $135 high.However, the price seems to be finding bids near the $126 and $125 levels. More importantly, the 50% Fib retracement level of the recent jump from the $115 low to $135 high is near the $125 level.At the moment, there is a breakout pattern forming with resistance near $128 on the hourly chart of ETH/USD. The pair is likely preparing for the next break either above $128 or below $125.If there is an upside break above $128, the price could test $130 and the 100 hourly SMA. Additionally, a close above the $130 level could start another increase towards the $135 resistance area.Conversely, the price might spike below the $126 and $125 support levels. In this case, the $120 support holds a lot of importance. As long as there is no close below $120, the price could bounce back. If not, the price is likely to resume its downtrend below the $115 low in the near term.Ethereum PriceLooking at the chart, Ethereum price is clearly consolidating above the key $125 support. In the short term, there could be a downside spike below $125, but the price might bounce back. Similarly, bitcoin price remains well bid above $7,000 and $6,960.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is currently in the neutral zone.Hourly RSI The RSI for ETH/USD is just below the 50 level, with positive signs.Major Support Level – $125Major Resistance Level – $130

This post was originally published on www.newsbtc.com