Ethereum Price Is Likely To Break The $142 And $144 Resistance Levels For A Move Towards $150
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.
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.
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.
Related Reading: Ethereum Is Facing A Few Key Hurdles Near $150 And The 100 SMA (H4)
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.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $135
Major Resistance Level – $144
Ethereum Price Is Likely To Break The $142 And $144 Resistance Levels For A Move Towards $150 – Source: https://www.newsbtc.com