Ethereum Just Broke $135 and Primed To Test $150: Here’s Why

Aayush Jindal

1 year ago

2 mins read

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Ethereum is trading with a bullish angle and it recently surpassed the $135 resistance against the US Dollar. ETH price is likely to continue higher towards $145 and $150.

Ethereum is up more than 3% and it broke the main $135 resistance against the US Dollar.
The price is now trading in a bullish zone and it could continue higher towards $145 or $150.
There is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin also gained traction and it rallied more than 5% to trade above $6,600.

Ethereum Price Gaining Bullish Momentum

This week, we discussed the importance of the $135 resistance for Ethereum against the US Dollar. ETH price made a few attempts to clear the $135 hurdle and it recently succeeded.

After trading as low as $128.85, the bulls came into the action. They pumped the price above the $135 resistance and the 100 hourly simple moving average. The upward move was strong and the price traded towards the $140 level.

A high is formed near $139 and the price is currently correcting gains. It broke the 23.6% Fib retracement level of the recent rally from the $129 swing low to $139 high. On the downside, the previous resistance near the $135 level is now likely to act as a major support area for Ethereum in the near term.

There is also a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD. An intermediate support is the 50% Fib retracement level of the recent rally from the $129 swing low to $139 high.

The current price action is positive and it seems like the price is likely to continue higher above the $138 and $140 levels. The first major resistance is near the $142 level, above which the bulls are likely to aim a test of $145 or even $150.

Dips Remain Supported

If Ethereum corrects lower, it is likely to remain well bid near the $135 support zone. The main support below the $135 level is near the $130 range area.

As long as there is no daily close below $130, the bulls are likely to remain in control in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now moving nicely in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $132

Major Resistance Level – $140

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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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