Ethereum Gearing For Another Lift-Off to $155: Rally Isn’t Over Yet

Aayush Jindal

1 year ago

2 mins read

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Ethereum rallied recently above the $135 and $140 resistance levels against the US Dollar. ETH price remains well supported and it could rise again towards $150 and $155.

Ethereum is showing a lot of positive sign and it is trading above $140 against the US Dollar.
The price tested the $150 resistance and corrected lower towards $140.
There is a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD (data feed via Kraken).
The pair seems to be eyeing another bullish wave towards the $150 and $155 levels in the near term.

Ethereum Price Breaks Key Hurdle

Yesterday, we saw a crucial bullish break above the $135 resistance for Ethereum against the US Dollar. ETH price moved into a bullish zone, resulting in more upsides above the $140 resistance.

The price rallied more than 5% and broke the $142 resistance level. The upward move was such that the price climbed above the $145 level and settled well above the 100 hourly simple moving average.

Ethereum tested the next major resistance near the $150 level and recently corrected lower. There was a break below the 23.6% Fib retracement level of the recent surge from the $129 low to $150 high.

The price declined below the $142 level, but the $140 area acted as a strong support. Besides, the 50% Fib retracement level of the recent surge from the $129 low to $150 high is also acting as a decent support.

There is also a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD. An intermediate support is the $135 level and the 100 hourly simple moving average.

At the outset, the price seems to be preparing for the next move and trading inside a contracting triangle with resistance near the $143 level. A successful break above the $143 and $144 levels could open the doors for another increase.

The next stop for the bulls could be near the $150 level, above which the price is likely to test the $155 level in the near term.

Limited Downsides

If Ethereum fails to stay above the $140 support area, it is likely to find a strong support near the $135 level and the 100 hourly SMA.

Any further losses may perhaps put pressure on the bulls and the price is likely to test the trend line or the $130 support area.

Technical Indicators

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

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

Major Support Level – $140

Major Resistance Level – $144

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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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