Ethereum defied gravity and trading with a bullish bias above $135 against the US Dollar, similar to bitcoin. ETH price is likely to continue higher above the $150 level.
- ETH price remains well supported above the $135 and $138 levels against the US Dollar.
- The price is showing positive signs and likely to surge above the $150 level in the near term.
- There is a key bullish trend line forming with support near $140 on the 4-hours chart of ETH/USD (data feed via Kraken).
- Bitcoin is also showing a lot of positive signs above the $8,000 support area.
Ethereum Price Could Break $150
This past week, there were bullish moves in Ethereum above $132 against the US Dollar. ETH rallied towards the $135 level, later corrected lower, and now finally trading higher with a positive bias above the $135 level.
A new yearly high was formed near $148 and the price started a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $135 low to $148 high.
However, the decline was protected by the $140 area and the price is now well above the 100 simple moving average (4-hours). Moreover, the 50% Fib retracement level of the upward move from the $135 low to $148 high is acting as a strong support.
More importantly, there is a key bullish trend line forming with support near $140 on the 4-hours chart of ETH/USD. If there is a downside break below the trend line below $138, there is a risk of a strong decline.
On the upside, there are key hurdles near the $145 and $148 levels. A clear break above the $148 level could set the pace for a bullish break above the $150 level in the coming sessions.
What’s Bearish Case for Ethereum?
The main support on the downside is near the $137 level and the 100 SMA. If there is a downside break below the $137 and $135 levels, there is a risk of a clear bearish break.
Therefore, a successful break and close below the $135 level might set the pace for a fresh decline. The next key support is near $130, below which it may perhaps open the doors for a push towards the $125 level.
The above chart indicates that Ethereum price is showing a lot of positive signs above $135 and it likely to surge above the $150 level.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $135
Major Resistance Level – $148
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