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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Analysis: ETH Bulls Are Back, $150 Could Be Next

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

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  • ETH price broke a few important resistance levels near the $134 level against the US Dollar.
  • The price gained traction and settled above the $134 and $136 resistance levels.
  • This was a break above a few continuation patterns near $133 and $136 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently trading near the $139 resistance and it could continue to trade higher in the near term.

Ethereum price is gaining bullish momentum against the US Dollar and bitcoin. ETH is likely to break the $139, $144 and $146 resistance levels to move into a positive zone.

Ethereum Price Analysis

Yesterday, we discussed that ETH price remains supported for more upsides towards the $135, $137 and $140 levels against the US Dollar. The ETH/USD pair formed a solid support near the $133 level and later started an upside move. It broke the $134 resistance and settled above the 100 hourly simple moving average. It opened the doors for more gains and the price traded above the $135 and $137 resistance levels.

During the rise, there was a break above a few continuation patterns near $133 and $136 on the hourly chart of ETH/USD. The pair even broke the $138 resistance and tested the $139 hurdle. Recently, there was minor dip after the price tested the $139 resistance. It tested the 23.6% Fib retracement level of the recent leg from the $135 swing low to $139 high. However, the price remains well supported and downsides are likely to be contained by the $138 support.

If there are more losses, the next key support could be $137. It coincides with the 50% Fib retracement level of the recent leg from the $135 swing low to $139 high. Any further losses may push the price back towards the main support at $134. On the upside, a break above the $139 resistance may push the price towards the $141 resistance levels. The current price action is very bullish and suggests that there are high chances of more gains above the $142 and $144 resistance levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading with a positive bias above the $137 and $134 supports. In the short term, there could be a few range moves or dips towards $135. However, the overall structure is positive, calling for more gains above the $140 and $142 levels in the coming sessions.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now placed well above the 60 level, with a strong bullish angle.

Major Support Level – $137

Major Resistance Level – $141

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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