Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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