Ethereum (ETH) Shows Signs of Important Reversal, $150 Imminent?

Aayush Jindal

1 year ago

2 mins read

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Ethereum is climbing higher and trading nicely above the $130 level against the US Dollar.
The price is likely to continue higher once it surges above the $150 resistance.
There is a rising channel forming with support near $133 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin is up more than 5% and it is likely to test $8,000 in the near term.

Ethereum price is gaining bullish momentum versus the US Dollar, and bitcoin rallied above $7,500. ETH price seems to be following an uptrend and it could test $150.

Ethereum Price Analysis

In the weekly forecast, we discussed the chances of more upsides in Ethereum above the $125 level against the US Dollar. ETH price did gain momentum and rallied above the $130 resistance.

Moreover, there was a close above the $130 level the 100 hourly simple moving average. Similarly, bitcoin price surged more than 5% and broke many resistances near $7,500.

Ethereum is also up around 5% and it is trading near the key $135 resistance. If there is a clear break above $135, the price is likely to accelerate towards the $140 and $144 levels. The main target for the bulls could be $150 if there is a clear break and close above $135.

Conversely, there could be a downside correction. An initial support is near the $133 level. Besides, the 23.6% Fib retracement level of the recent wave from the $127 to $135 high it also near $133.

More importantly, there is a rising channel forming with support near $133 on the hourly chart of ETH/USD. Therefore, a downside break below $133 might start an extended downside correction.

The next major support is near the $131 level. Additionally, the 50% Fib retracement level of the recent wave from the $127 to $135 high is at $131. The next major support could be near the $130 level and the 100 hourly simple moving average.

Any further losses may perhaps negate the current bullish view for a run towards the $140 level. In the mentioned case, the price is likely to revisit the main $125 range support in the near term.

Looking at the chart, Ethereum price is showing a lot of positive signs above $130, similar to bitcoin above $7,500. Thus, there are high chances of more gains above $135 and $140. On the other hand, only a close below $125 might start a solid downward move.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs.

Major Support Level – $131

Major Resistance Level – $135

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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