The results of the week: Ethereum has faced the last obstacle before rising

Price Ethereum experiencing some difficulties with the breakthrough of the nearest resistance levels at the area 128 to 130 dollars. In the near future the bitcoin may rise to these lines, which will decide the fate of its prospects for growth next week.

The General situation looks like this:

  • on a scale of 4-hour chart formed some serious resistance lines in the area of $ 128;
  • asset konsolidiruyutsya directly under the line of the local bearish trend with the nearest resistance at $ 125;
  • to confirm a rise to $ 150 a cryptocurrency needs to gain a foothold above $ 130.

Tonight Ethereum is trading at $ 120. For the past day bitcoin sank nearly 4 percent.

Technical analysis

This week trading Ethereum has not been too active. The only memorable event was the attempt of the buyers to break above resistance near $ 130. Unfortunately, the line test failed, and ETH again fell back to previous levels of support in the area of 118-120 dollars.

Now the cryptocurrency is in a consolidation phase near the local momentum moving average and 100 SMA. From the negative signs it is worth mentioning the unsuccessful attempt of bulls to break above the Fibonacci level of 0.618 laid on a wave of growth from 113 to 133 dollars.

Source: TradingView

So, traders should focus on the area of $ 130. It is the main and immediate resistance level. Even higher before Ethereum, there is almost no obstacles, so the local break of the bearish trend will be the beginning of a sharp rise until at least $ 145. Follow the cryptocurrency on small timeframes from 5 to 15 minutes and at the first sign of growth open long with a stop just below $ 125.

Technical indicators confirm this trading strategy — MACD is moving confidently towards the bullish zone, and the RSI shows a lot of growth potential.

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