Ethereum Price Analysis: ETH/USD is testing a wedge formation just above 130.00

Ethereum is trading just above flat on Tuesday after a bounce back from the weekend lows.
There is now a wedge formation on the hourly chart that could help us determine the future direction.

ETH/USD 1-hour chart

Ethereum has struggled for direction on Tuesday after a bounce back from the weekend lows. Now the price has formed a wedge formation on the hourly chart and may break by the end of the US session. The 130.00 level seems to be intact after a few downside tests recently. If the level does break one of the main support levels is close to the 125.00 level and it seems to be slightly stronger.

Looking closer at the chart now, the MACD histogram seems to be trying to turn positive. The signal line is above the mid-point and there looks like there might be a positive crossover. The volume is looking pretty weak at the moment which is a concern if there is to be an upside break it would be nice to see some volume behind the move for confirmation. Then the next target up could be the top of the next consolidation zone at 144.16.

Ethereum Wedge Pattern

Additional levels

ETH/USD

Overview
Today last price	133.07
Today Daily Change	0.77
Today Daily Change %	0.58
Today daily open	132.3

Trends
Daily SMA20	131.37
Daily SMA50	198.53
Daily SMA100	179.07
Daily SMA200	175.44

Levels
Previous Daily High	135.47
Previous Daily Low	124.17
Previous Weekly High	144.05
Previous Weekly Low	119.36
Previous Monthly High	288.7
Previous Monthly Low	179.06
Daily Fibonacci 38.2%	131.15
Daily Fibonacci 61.8%	128.49
Daily Pivot Point S1	125.83
Daily Pivot Point S2	119.35
Daily Pivot Point S3	114.53
Daily Pivot Point R1	137.12
Daily Pivot Point R2	141.94
Daily Pivot Point R3	148.42

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