Ethereum Price Remains Well Supported And It Could Rise Again Towards $150 And $155

Ethereum Price Remains Well Supported And It Could Rise Again Towards $150 And $155

Ethereum Price Remains Well Supported And It Could Rise Again Towards $150 And $155

Yesterday, we saw a crucial bullish break above the $135 resistance for Ethereum against the US Dollar. ETH price moved into a bullish zone, resulting in more upsides above the $140 resistance.

The price rallied more than 5% and broke the $142 resistance level. The upward move was such that the price climbed above the $145 level and settled well above the 100 hourly simple moving average.

Ethereum tested the next major resistance near the $150 level and recently corrected lower. There was a break below the 23.6% Fib retracement level of the recent surge from the $129 low to $150 high.

The price declined below the $142 level, but the $140 area acted as a strong support. Besides, the 50% Fib retracement level of the recent surge from the $129 low to $150 high is also acting as a decent support.

There is also a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD. An intermediate support is the $135 level and the 100 hourly simple moving average.

At the outset, the price seems to be preparing for the next move and trading inside a contracting triangle with resistance near the $143 level. A successful break above the $143 and $144 levels could open the doors for another increase.

Related Reading: Ethereum Price Could Resume Its Uptrend

The next stop for the bulls could be near the $150 level, above which the price is likely to test the $155 level in the near term.

If Ethereum fails to stay above the $140 support area, it is likely to find a strong support near the $135 level and the 100 hourly SMA.

Any further losses may perhaps put pressure on the bulls and the price is likely to test the trend line or the $130 support area.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $140

Major Resistance Level – $144

Ethereum Price Remains Well Supported And It Could Rise Again Towards $150 And $155 – Source: Newsbtc.com
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Good luck,

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