#1 Key Highlights
* Support around $100+ level held strongly.\u2028
* 200H-MA(moving average) broken with buying .\u2028
* Ethereum (ETH/USD) price surged 20%+.\u2028
* $120+ resistance broken and retested.\u2028
#2 Chart Analysis
Ethereum trading $122+(Bitfinex) and showing signs of strong upward momentum.
Looking at the ethereum trends on Hourly(4H) chart timeframe, we can observe few signs.It has broken short-term downtrend line(red) as well as 200H-Moving Average which was acting as strong resistance as stated in the article published last week.
If we look at the ethereum price analysis today on hourly time-frame(4H), it has penetrated through the and needs to hold above cloud for further momentum.Though Stoch-RSI indicator is in the oversold region( ) , indicator is entering into the territory.
Looking at the ethereum today, It needs to hold the present level to test(touch) the immediate resistance(Red) around $140+ price level.Also, there is a possibility of a S/R flip at the current level but if it doesn't happen then we might see the $113-$110 price level as there is not upcoming ethereum news to act as a catalyst.
Over the past 2 days, Ethereum (ETH/USD) has managed to move 20%+ while the entire crypto market remains in the strong momentum. Ethereum price analysis 2019 states it needs to undergo a corrective rally before continuing the momentum.