Ethereum price analysis shows that the coin is making a spectacular recovery after sinking under the $100 level on Thursday.
Yesterday March 12, the price of Ethereum (ETH) traded in a bearish trend after dropping from well above the $195 level. Moreover, ETH price tumbled below the $150 and $100 and broke many important supports to enter into the bearish trend zone. The bears extended the downtrend extended to $87, from where the bulls are attempting a relief rally. This is a positive sign as it shows strong demand at lower levels.
At the time of writing this Ethereum price forecast, Ethereum price is trading at the $130 level.
On the upside, if the bulls can sustain the price above $130, it will retest the $150 and $180 level to indicate strength. On the other hand, if relief rally can reach $150, which is likely to act as a stiff resistance. If that happens, the bears are likely to aim more losses towards the $100 and $87 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of ETHUSD is slowly recovering. Today, an intraday high was reached at $146 but the price has adjusted to $130. In spite of the bullish reversal, the prevailing trend remains bearish which means that ETHUSD gravitation is far from over.
However, there are many resistances on the upside near the $146 and $155 levels. If the pair fails to recover above the $130 resistance level, it could start another decline. An initial support is near the $120 level, below which there is a risk of more losses towards $100.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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