Ethereum is slowly recovering and trading towards the $120 resistance against the US Dollar. ETH price could climb higher sharply if there is a clear break above $120 and $124. Ethereum is showing a few positive signs above the $110 support zone against the US Dollar. It is currently testing a major hurdle near the $120 resistance area. Two key bearish trend lines are acting as a hurdle near $119-$120 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is gaining traction and it is now testing the $5,350 resistance. Ethereum Price Could Surge In Short Term After settling above the $100 level, Ethereum started a steady increase against the US Dollar. ETH price broke the $110 and $112 resistance levels to start a decent recovery. The bulls were able to push the price above the $215 level, but it is still below the 100 hourly simple moving average. At the outset, the price is flirting with the 23.6% Fib retracement level of the last drop from the $134 swing high to $101 low. More importantly, two key bearish trend lines are acting as a hurdle near $119-$120 on the hourly chart of ETH/USD. It seems like Ethereum is facing a strong barrier near the $119 and $120 levels. Ethereum Price An immediate resistance above the trend line is near the $122 level since it is close to the 61.8% Fib retracement level of the last drop from the $134 swing high to $101 low. The next key resistance is near the $124 level and the 100 hourly simple moving average. Therefore, a successful break above the $120 and $124 resistance levels might open the doors for a strong upward move in the near term. The next key hurdle for the bulls is near the $134 and $142 levels. Another Rejection? If Ethereum fails to clear both trend line and the $120 resistance, it could start a fresh decrease. An initial support is near the $115 level, below which the bears are likely to take control. The next major support is near the $112 and $110 levels. Any further losses are likely to lead the price back towards the $100 support zone in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, with a flat structure. Major Support Level – $112 Major Resistance Level – $120
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