- ETH price remained well supported above the $138 and $140 levels against the US Dollar.
- The price recovered, but it struggled to break the $148 and $149 resistance levels.
- There is a new connecting bullish trend line forming with support at $143 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well bid and it is likely to break the $148 and $150 resistance levels in the near term.
Ethereum price is trading nicely in a positive zone against the US Dollar and bitcoin. ETH/USD will most likely break the $150 resistance and it could even surpass the $155 level.
Ethereum Price Analysis
Yesterday, we saw a downside correction in ETH price from the $149 and $150 resistances against the US Dollar. The ETH/USD pair declined below the $144 support level, but the $138 and $140 levels acted as a solid buy zone. As a result, the pair bounced back and traded above the $144 and $146 levels. However, sellers remained in control near the $148 and $149 resistance levels. There was no successful break above the $148 and $150 barriers. The last swing high was formed just below $149 and the price is currently correcting lower.
It already tested the 50% Fib retracement level of the last wave from the $140 swing low to $149 swing high. On the downside, there are many supports near the $143 and $144 levels. There is also a new connecting bullish trend line forming with support at $143 on the hourly chart of ETH/USD. Besides, the 61.8% Fib retracement level of the last wave from the $140 swing low to $149 swing high is also near the $143 level. Therefore, the $143 support is likely to act as a strong support.
Below $143, the next major support is near the $140 area, followed by $138. The 100 hourly simple moving average is also close to the $138 level to act as a support. As long as the price is trading above the $138 swing low, it remains supported for more gains. However, buyers need to take out the $148 and $149 resistance levels for further gains.
Looking at the chart, ETH price is clearly eyeing an upside break above the $148 and $150 resistances. Once buyers succeed in gaining strength above $150, the price could even break the $155 level in the near term. The next target could be $162.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently flat in the bullish zone, with a few positive signs.
Hourly RSI – The RSI for ETH/USD declined recently and tested the 50 level, with a flat structure.
Major Support Levels – $143 and $138.
Major Resistance Levels – $148, $149 and $150.
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* First published on newsbtc.com