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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Bullish Case For Breakout Above $140

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis ethereum

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  • ETH price started a solid upward move and traded above the $138 resistance against the US Dollar.
  • The price tested the $140 resistance and it seems like there could be more gains.
  • There is an ascending channel in place with support at $138 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher once there is a clear break above the $140 resistance level.

Ethereum price is following a convincing bullish path against the US Dollar and bitcoin. ETH is likely to pump above the $140 resistance area in the coming sessions.

Ethereum Price Analysis

After a major drop, ETH price found support near the $130 area against the US Dollar. The ETH/USD pair started a solid recovery and broke the $134 and $135 resistance levels. Later, there was a close above the $135 barrier and the 100 hourly simple moving average. There were slow and steady gains above the $137 and $138 levels. The price even traded above the $139 level recently and tested the $140 resistance level. A swing high was formed near $140 and the price is currently consolidating gains.

An initial support is near the $138 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $133 swing low to $140 high. There is also an ascending channel in place with support at $138 on the hourly chart of ETH/USD. Therefore, the price is likely to follow a solid bullish path as long as it is above the $138 support. If there is a downside break below the channel support, the price may test the $136 support area.

The 50% Fib retracement level of the recent wave from the $133 swing low to $140 high is also near the $136 level. Finally, the next support is near the $135 level and the 100 hourly simple moving average. On the upside, an initial resistance is near the $140 level, representing a crucial barrier for buyers. If there is an upside break above the $140 resistance, there could be heavy gains in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be following a nice uptrend above the $138 and $136 support levels. Once there is a break above the $140 barrier, the price is likely to test the $144-145 resistance area. On the downside, if there is a break below the $138 support, buyers are likely to take a stand near the $136 level.

ETH Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 70 level.

Major Support Level – $136

Major Resistance Level – $140

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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