Ethereum Gearing For Another Lift-Off To $160: Uptrend Isn’t Over Yet

Aayush Jindal

1 year ago

2 mins read

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Ethereum is gaining bullish momentum above the $145 resistance versus the US Dollar. ETH is likely to surge above the $148 and $150 resistance levels, while bitcoin already broke the key $8,400 resistance.

Ether price is showing a lot of positive signs above the $142 and $145 levels against the US Dollar.
It is currently trading near the key $148 and $150 resistance levels.
There was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct a few points, but it is likely to climb above the $150 barrier in the near term.

Ethereum Price Could Extend Gains

Recently, there was a fresh increase in bitcoin price above the $8,250 and $8,400 resistance levels. It helped Ethereum in climbing above the $145 resistance against the US Dollar.

Additionally, ETH price settled above the $145 level and the 100 hourly simple moving average. It even traded to a new weekly high and spiked above the $148 level.

More importantly, there was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD. However, the bulls are still struggling to gain strength above the $148 and $150 resistance levels.

Ethereum is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the $142 low to $148 high. On the downside, there are many supports near the $147 and $145 levels.

On the upside, the main hurdles are near the $148 and $150 levels. A successful break and close above the $150 level may well start a strong rise. The next major resistance could be $155, above which the price is likely to test the $160 level.

Downside Remain Limited In ETH

It seems like the broken triangle resistance near $147 might provide support in the short term. The next major support is near the $145 level since it coincides with the 50% Fib retracement level of the recent upward move from the $142 low to $148 high.

Looking at the chart, Ethereum price seems to be facing a strong sell zone near the $148 area. However, the current price action in bitcoin is very bullish, which means there are high chances of an upside break in ETH above the $148 and $150 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.

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

Major Support Level – $145

Major Resistance Level – $148

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.

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.
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