Ethereum price has started a decent recovery above $128 and it is currently trading near the $130 resistance. Will the uptrend continue?
Yesterday, there was an increase selling pressure on the price of Ethereum (ETH) below the $132 level. Moreover, ETH price settled below the $130 and $128 support levels. Finally, Ethereum price tested the $125 support level.
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 clearly facing a lot of hurdles on the upside near the $130 level. The main resistance is now near the $132 level, above which the price is likely to start a strong rise towards the $138 and $140 levels.
Conversely, the price remains at a risk of more losses below the $125 support. The next support is near $122, followed by the $120 level. Any further losses may perhaps lead the price towards the $115 support level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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