Ethereum is currently trading nicely above the $135 support area against the US Dollar. ETH price is likely to break the $142 and $144 resistance levels for a move towards $150.
- Ethereum is trading in a positive zone above the $135 support against the US Dollar.
- The price is currently consolidating gains below the $144 resistance area.
- There is a key bullish trend line forming with support near $135 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is also consolidating gains above the $6,500 support area.
Ethereum Price Remains Supported
Yesterday, we saw a decent upward move in Ethereum above the $130 resistance against the US Dollar. ETH price even climbed above the key $135 resistance and the 100 hourly simple moving average.
It gained pace above the $140 level, but the bulls struggled to remain in action near $144 and $145. A swing high is formed near $144 and the price is currently consolidating gains.
Ethereum is trading below the 23.6% Fib retracement level of the recent increase from the $121 swing low to $144 high. On the downside, an initial support is near the $135 level. More importantly, there is a key bullish trend line forming with support near $135 on the hourly chart of ETH/USD.
Below the trend line support, the next support is near the $132 level. It is close to the 50% Fib retracement level of the recent increase from the $121 swing low to $144 high.
Any further losses may perhaps lead the price towards the $130 support level. If the bears gain momentum below $130, the price is likely to accelerate lower towards the $125 level.
Upside Break
On the upside, there are a few key hurdles forming near the $142 and $144 levels. There is also a connecting bearish trend line forming on the same chart with resistance near $140.
If the bulls gain strength above the trend line, there are chances of more upsides above the $142 and $144 resistance levels in the near term. In the mentioned case, the price is likely to continue higher towards the main $150 resistance area. Any further gains could lead the price towards the $158 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $135
Major Resistance Level – $144
