ETH drops below $114 support

Posting gains of almost 19% over the last 7 days, Ethereum is enjoying a sold climb but don’t let it fool you, the coin is still in a long-term bear market. However, the low at $100 seen on the 4-hour chart is a higher low compared to the previous one at $80 - $83 so we can hope for a stronger recovery in the long run.

The break of the bearish trend line seen on the chart, marked the beginning of the strong push north and was followed soon after by a bullish cross of the two moving averages. The 50 period Exponential Moving Average crossed above the 100 period EMA for the first time in a relatively long period, which could mark the beginning of an uptrend.

The first barrier is located at $125 and as we can see, the bulls already tried but failed to break it, so maybe it’s time for a small retracement lower which will allow for more bullish pressure to build up before a real break. Over the next 6 months I expect to see this token retest $160 at least.

Support zone: $114 and the moving averages
Resistance zone: $125 - $130 followed by the key level at $160
Most likely scenario: potential pullback or sideways choppy movement; another attempt to break resistance should follow soon
Alternate scenario: drop below $114 support