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Ethereum

Ethereum Gearing For Lift-Off to $150: Rally Isn’t Over Yet

Aayush Jindal by Aayush Jindal
3 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum is currently trading nicely above the $135 support area against the US Dollar. ETH price is likely to break the $142 and $144 resistance levels for a move towards $150.

  • Ethereum is trading in a positive zone above the $135 support against the US Dollar.
  • The price is currently consolidating gains below the $144 resistance area.
  • There is a key bullish trend line forming with support near $135 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also consolidating gains above the $6,500 support area.

Ethereum Price Remains Supported

Yesterday, we saw a decent upward move in Ethereum above the $130 resistance against the US Dollar. ETH price even climbed above the key $135 resistance and the 100 hourly simple moving average.

It gained pace above the $140 level, but the bulls struggled to remain in action near $144 and $145. A swing high is formed near $144 and the price is currently consolidating gains.

Ethereum is trading below the 23.6% Fib retracement level of the recent increase from the $121 swing low to $144 high. On the downside, an initial support is near the $135 level. More importantly, there is a key bullish trend line forming with support near $135 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

Below the trend line support, the next support is near the $132 level. It is close to the 50% Fib retracement level of the recent increase from the $121 swing low to $144 high.

Any further losses may perhaps lead the price towards the $130 support level. If the bears gain momentum below $130, the price is likely to accelerate lower towards the $125 level.

Upside Break

On the upside, there are a few key hurdles forming near the $142 and $144 levels. There is also a connecting bearish trend line forming on the same chart with resistance near $140.

If the bulls gain strength above the trend line, there are chances of more upsides above the $142 and $144 resistance levels in the near term. In the mentioned case, the price is likely to continue higher towards the main $150 resistance area. Any further gains could lead the price towards the $158 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $135

Major Resistance Level – $144

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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