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Home Technical analysis

Ethereum Price Weekly Analysis: Buy ETH With Break Above $138

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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  • ETH price declined recently, but it found a strong support above $132 against the US Dollar.
  • The price recovered and it is now facing a solid resistance near the $137-138 zone.
  • There is a major breakout pattern formed with resistance at $138 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher once there is a proper break above $138 and $140.

Ethereum price is aligning for the next move versus the US Dollar and Bitcoin. ETH/USD will most likely climb higher as long as there is no close below the $132-133 support area.

Ethereum Price Analysis

After forming a stop near the $144 level, there was a steady decline in ETH price against the US Dollar. The ETH/USD pair declined below the $140 support level to move into a bearish zone. Later, it found support near the $135 level, but buyers failed to hold losses. Finally, there was a downside break below the $135 support and the 100 simple moving average (4-hours). The price declined below the $134 support and traded close to the $132 support area.

Recently, the price recovered and moved above the $135 level. However, the price seems to be facing a strong resistance near the $137-138 area. At the moment, it is trading near the $135 level and the 100 simple moving average (4-hours). An immediate support is near the 50% Fib retracement level of the last wave from the $132 low to $138 high. More importantly, there is a major breakout pattern formed with resistance at $138 on the 4-hours chart of ETH/USD.

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The triangle support is near the $134 level, below which the next key support is near the $132 level. It seems like the price is preparing for the next move either above $138 or below $134. On the downside, there are many supports near the $134, $133 and $132 levels. Therefore, there are high chances of an upside break above the $137-138 resistance area.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is likely to climb above the $137-138 resistance area. In the mentioned bullish scenario, the price could even break the $140 resistance and revisit the $144 resistance area. The next key resistance is near the $148 level, followed by $150. On the flip side, if buyers fail to push the price above $138, there could be a downside reaction. A break below the $132 support may call for a test of the $130 support.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is currently flat, with a few positive signs.

4 hours RSI – The RSI for ETH/USD is currently below the 50 level, with a bearish angle.

Major Support Level – $134

Major Resistance Level – $138

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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