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Home Technical analysis

Ethereum Price Analysis: ETH Rally Takes Break, Uptrend Intact Above $140

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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  • ETH price extended the recent rally and traded above the $144 and $148 resistances against the US Dollar.
  • The price traded close to the $150 level and later started consolidating gains above $145.
  • There is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD (data feed via Kraken).
  • There could be a short term downside correction, but buyers remain in action above $140.

Ethereum price posted solid gains against the US Dollar and bitcoin. ETH/USD tested the $150 resistance area and it may now correct lower before a fresh bullish wave in the near term.

Ethereum Price Analysis

Yesterday, we saw a nasty upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair rallied above the $130 and $136 resistance levels to move into a bullish zone. Later, buyers gained traction and pushed the price above the $140 and $142 resistance levels. There was a bearish reaction noted near the $148 level and the price dipped towards the $140 support. Sellers failed to gain momentum, resulting in a fresh upward move above the $145 and $148 resistance levels. It traded close to the $150 resistance and settled well above the 100 hourly simple moving average.

At present, the price is consolidating gains above $145, with a few bearish moves. It broke the 23.6% Fib retracement level of the recent wave from the $134 low to $150 swing high. The last hourly candle is suggesting an increase in selling pressure below $150. However, there are many supports on the downside near the $145, $142 and $140 levels. More importantly, there is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD.

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If there is a break below the trend line, the price could test the $140 support area. It coincides with the 61.8% Fib retracement level of the recent wave from the $134 low to $150 swing high. Any further losses could spark an extended downside correction below $138 and $136. To the topside, the $148 and $150 levels are strong barriers for buyers in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be facing heavy offers near $150. Therefore, there could be a couple of swing moves above $140 before a fresh upward move. Above $150, the next target for might be $154 and $155.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently in the bearish zone, but with a few bullish signs.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $140

Major Resistance Level – $150

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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