- ETH price extended the recent rally and traded above the $144 and $148 resistances against the US Dollar.
- The price traded close to the $150 level and later started consolidating gains above $145.
- There is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD (data feed via Kraken).
- There could be a short term downside correction, but buyers remain in action above $140.
Ethereum price posted solid gains against the US Dollar and bitcoin. ETH/USD tested the $150 resistance area and it may now correct lower before a fresh bullish wave in the near term.
Ethereum Price Analysis
Yesterday, we saw a nasty upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair rallied above the $130 and $136 resistance levels to move into a bullish zone. Later, buyers gained traction and pushed the price above the $140 and $142 resistance levels. There was a bearish reaction noted near the $148 level and the price dipped towards the $140 support. Sellers failed to gain momentum, resulting in a fresh upward move above the $145 and $148 resistance levels. It traded close to the $150 resistance and settled well above the 100 hourly simple moving average.
At present, the price is consolidating gains above $145, with a few bearish moves. It broke the 23.6% Fib retracement level of the recent wave from the $134 low to $150 swing high. The last hourly candle is suggesting an increase in selling pressure below $150. However, there are many supports on the downside near the $145, $142 and $140 levels. More importantly, there is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD.
If there is a break below the trend line, the price could test the $140 support area. It coincides with the 61.8% Fib retracement level of the recent wave from the $134 low to $150 swing high. Any further losses could spark an extended downside correction below $138 and $136. To the topside, the $148 and $150 levels are strong barriers for buyers in the near term.
Looking at the chart, ETH price seems to be facing heavy offers near $150. Therefore, there could be a couple of swing moves above $140 before a fresh upward move. Above $150, the next target for might be $154 and $155.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bearish zone, but with a few bullish signs.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.
Major Support Level – $140
Major Resistance Level – $150
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* First published on newsbtc.com