Key Highlights
- ETH price formed a support base near the $128 level and bounced back against the US Dollar.
- There was a break above a major bearish trend line with resistance at $134 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is placed in a positive zone and it may continue to move higher towards $150 or $155.
Ethereum price is back gaining pace against the US Dollar and bitcoin. ETH/USD could accelerate and test the next resistance near the $150 level.
Ethereum Price Analysis
Recently, there was a dip towards the $128 level in ETH price against the US Dollar. The ETH/USD pair found a strong buying interest near $128, resulting in a decent upside move. The price bounced back and traded above the $130 level and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $146 high to $128 low.
More importantly, there was a break above a major bearish trend line with resistance at $134 on the hourly chart of ETH/USD. The pair spiked above the $138 level and tested the $140 resistance level. However, the price seems to be struggling to clear the $140-141 zone. It represents the 61.8% Fib retracement level of the last decline from the $146 high to $128 low. If there is a proper close above the $140 level, the price is likely to climb further higher towards the $144 and $148 resistance levels. The main hurdle for buyers is near the $150 level.
Looking at the chart, ETH price is back in a positive zone above the $134 level. However, it needs to surpass the $140 barrier to continue higher. On the downside, an initial support is at $137 level followed by the $133 level.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is now placed well above the 60 level.
Major Support Level – $133
Major Resistance Level – $140
