Ethereum rallied recently above the $135 and $140 resistance levels against the US Dollar. ETH price remains well supported and it could rise again towards $150 and $155.
- Ethereum is showing a lot of positive sign and it is trading above $140 against the US Dollar.
- The price tested the $150 resistance and corrected lower towards $140.
- There is a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be eyeing another bullish wave towards the $150 and $155 levels in the near term.
Ethereum Price Breaks Key Hurdle
Yesterday, we saw a crucial bullish break above the $135 resistance for Ethereum against the US Dollar. ETH price moved into a bullish zone, resulting in more upsides above the $140 resistance.
The price rallied more than 5% and broke the $142 resistance level. The upward move was such that the price climbed above the $145 level and settled well above the 100 hourly simple moving average.
Ethereum tested the next major resistance near the $150 level and recently corrected lower. There was a break below the 23.6% Fib retracement level of the recent surge from the $129 low to $150 high.
The price declined below the $142 level, but the $140 area acted as a strong support. Besides, the 50% Fib retracement level of the recent surge from the $129 low to $150 high is also acting as a decent support.
There is also a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD. An intermediate support is the $135 level and the 100 hourly simple moving average.
Ethereum Price
At the outset, the price seems to be preparing for the next move and trading inside a contracting triangle with resistance near the $143 level. A successful break above the $143 and $144 levels could open the doors for another increase.
The next stop for the bulls could be near the $150 level, above which the price is likely to test the $155 level in the near term.
Limited Downsides
If Ethereum fails to stay above the $140 support area, it is likely to find a strong support near the $135 level and the 100 hourly SMA.
Any further losses may perhaps put pressure on the bulls and the price is likely to test the trend line or the $130 support area.
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 well above the 50 level.
Major Support Level – $140
Major Resistance Level – $144
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