- ETH price extended upsides and gained bullish momentum above the $140 resistance against the US Dollar.
- The price even broke the $144 level and traded close to the $146 level before correcting lower.
- There is a key connecting bullish trend line formed with support above $143 on the hourly chart of ETH/USD (data feed via Kraken).
- There could be a downside correction, but the $141-142 support area is likely to act as a strong support.
Ethereum price is moving nicely in a positive trend against the US Dollar and bitcoin. ETH remains supported on dips and it seems like bulls are aiming for the $150 level.
Ethereum Price Analysis
Yesterday, we discussed about possible more gains above the $140 resistance in ETH price against the US Dollar. The ETH/USD pair dipped a few points, but it found a solid support near the $137 level. Later, there was a fresh increase and the price rallied above the $142 and $144 resistance level. The price even broke the $144 level and spiked above the $145 resistance. A new swing high was formed close to the $146 level and the price is currently correcting lower.
At the outset, the price is trading well above the $140 support and the 100 hourly simple moving average. It is currently trading near the 23.6% Fib retracement level of the recent wave from the $140 swing low to $146 swing high. There is also a key connecting bullish trend line formed with support above $143 on the hourly chart of ETH/USD. It seems like the price may correct below the trend line and $142 in the short term. However, the $141 level may act as a strong support area.
Besides, the 50% Fib retracement level of the recent wave from the $140 swing low to $146 swing high might also prevent declines. Once the current correction is complete, there are chances of more gains above the $144 and $145 levels. A clear follow through above the $146 level might call for a test of the $150 resistance level.
Looking at the chart, Ethereum price is trading in a positive trend above the $142 and $141 support levels. The next key support is near the $139 level, which was a strong resistance earlier. In the short term, there could be a downside correction or range moves near $142. Having said that, the price is likely to resume its upside and trade towards the $150 level in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is placed nicely in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 80 level.
Major Support Level – $141
Major Resistance Level – $146