Ethereum (ETH) Rallies 5% But Bitcoin Still Trailing

Aayush Jindal

1 year ago

2 mins read

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Ethereum is up more than 5% and it broke the $130 and $132 resistance levels against the US Dollar.
The price is currently consolidating near the $135 level, with a positive bias.
There is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin also surged above $7,300, but it was rejected near the $7,500 barrier.

Ethereum price is up more than 5% versus the US Dollar and bitcoin. ETH price is showing positive signs and it could continue to rise towards $144.

Ethereum Price Analysis

After finding strong bids near the $122 support, Ethereum price started a nice upward move against the US Dollar. ETH price gained bullish momentum above the $130 resistance to set the pace for more upsides (as discussed in the weekly forecast).

Moreover, there was a break above the $135 resistance and a close above the 100 hourly simple moving average. Finally, the price spiked towards $138 before it started a downside correction.

A high is formed near $138 and the price is now trading below the 23.6% Fib retracement level of the recent rally from the $127 low to $138 high.

On the downside, there are many supports for Ethereum near the $132 and $130 levels. Besides, the 50% Fib retracement level of the recent rally from the $127 low to $138 high is near the $132 level.

More importantly, there is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD. Additionally, the $130 level is a strong support along with the 100 hourly simple moving average.

Therefore, a successful close below the $130 support might start a fresh decline. On the upside, an initial resistance is near the $137-$138 area.

If there is a break above the $138 high, the price is likely to accelerate higher. The next major resistance is near the $144 level, above which the price will most likely climb towards the $150 resistance area.

Looking at the chart, Ethereum price is clearly trading nicely in an uptrend above the $130 and $132 resistance levels. Thus, there are high chances of more gains above the $138 and $140 levels. Conversely, bitcoin price was rejected near $7,500 and it is currently consolidating near the $7,300 support area.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 55 level.

Major Support Level – $132

Major Resistance Level – $138

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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