Ethereum Lift-Off

Ethereum Gearing For Another Lift-Off To $160: Uptrend Isn’t Over Yet

Avatar Aayush Jindal 1 week ago

Ethereum is gaining bullish momentum above the $145 resistance versus the US Dollar. ETH is likely to surge above the $148 and $150 resistance levels, while bitcoin already broke the key $8,400 resistance.

  • Ether price is showing a lot of positive signs above the $142 and $145 levels against the US Dollar.
  • It is currently trading near the key $148 and $150 resistance levels.
  • There was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct a few points, but it is likely to climb above the $150 barrier in the near term.

Ethereum Price Could Extend Gains

Recently, there was a fresh increase in bitcoin price above the $8,250 and $8,400 resistance levels. It helped Ethereum in climbing above the $145 resistance against the US Dollar.

Additionally, ETH price settled above the $145 level and the 100 hourly simple moving average. It even traded to a new weekly high and spiked above the $148 level.

More importantly, there was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD. However, the bulls are still struggling to gain strength above the $148 and $150 resistance levels.

Ethereum Price

Ethereum Price

Ethereum is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the $142 low to $148 high. On the downside, there are many supports near the $147 and $145 levels.

On the upside, the main hurdles are near the $148 and $150 levels. A successful break and close above the $150 level may well start a strong rise. The next major resistance could be $155, above which the price is likely to test the $160 level.

Downside Remain Limited In ETH

It seems like the broken triangle resistance near $147 might provide support in the short term. The next major support is near the $145 level since it coincides with the 50% Fib retracement level of the recent upward move from the $142 low to $148 high.

Looking at the chart, Ethereum price seems to be facing a strong sell zone near the $148 area. However, the current price action in bitcoin is very bullish, which means there are high chances of an upside break in ETH above the $148 and $150 levels.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining strength in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $145

Major Resistance Level – $148

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