Ethereum Price Is Now Approaching The Key $140 Resistance Area
After testing the $120 support, Ethereum started a fresh increase against the US Dollar. ETH price remained well bid above the $120 level, resulting in an upside break above $122 and $125.
The bulls were able to lead the price above the key $130 resistance and the 100 hourly simple moving average. Moreover, there was a break above a major bearish trend line with resistance near $126 on the hourly chart of ETH/USD.
The pair is now trading nicely above the $135 resistance, but it is facing another major resistance near the $138 and $140 levels. The recent swing high was formed near $138 before the price declined below the 23.6% Fib retracement level of the upward move from the $119 swing low to $138 high.
Related Reading: Ethereum Is Facing A Few Key Hurdles Near $150 And The 100 SMA (H4)
On the upside, the bulls need to gain pace above the $138 and $140 resistance levels. If they succeed, there are high chances of more gains towards the $150 resistance in the near term.
On the downside, Ethereum is likely to remain well bid near the $128 level. The 100 hourly simple moving average is also positioned near the $128 level to provide support.
If there is a downside break below the 100 hourly SMA, it could change the current bias. In the stated case, the next major support is visible near the $120 level. Any further losses may perhaps spark an extended decline towards the $105 and $100 support levels in the near term.
Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 65 level.
Major Support Level – $128
Major Resistance Level – $140
Ethereum Price Is Now Approaching The Key $140 Resistance Area – Source: https://www.newsbtc.com
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