- The price of ETH broke some important resistance levels near the $ 134 level against the US dollar.
- The price gained a stretch and settled over $ 134 and $ 136 resistance levels.
- This was a break above some follow patterns at $ 133 and $ 136 on the hourly chart of ETH / USD (data entry through Kraken).
- The pair is currently trading near $ 139 resistance and it can continue to trade higher in the near term.
The price of Etherium is gaining bullish momentum against the US dollar bitcoin. ETH is expected to break the $ 139, $ 144 and $ 146 resistance levels to move into a positive area.
Price analysis for Etherium
Yesterday, we discussed that the price of ETH remains more supported over $ 135, $ 137 and $ 140 against the US dollar. The ETH / USD pair created solid support near the $ 133 level and later started the reverse move. It broke the $ 134 resistance and settled over 100 simple simple moving averages. This opened the doors for additional profits and the price traded above $ 135 and $ 137 resistance levels.
During the ascent, there was a break above some continuation patterns near $ 133 and $ 136 on hourly chart of ETH / USD. The pair even broke the $ 138 resistance and tested the $ 139 hurdle. Recently, there has been a slight drop after the price has tested resistance to $ 139. It examined the 23.6% pip level of the last leg from the $ 135 low swing to $ 139 high. However, the price remains well supported and downsides are expected to be included by $ 138 in support.
If there are additional losses, the next key support could be $ 137. This is consistent with the 50% Fib retracement level of the last leg from a low $ 135 swing to $ 139 high. Any further losses could push the price back towards major support at $ 134. On the upside, a break above $ 139 resistance might push the price towards resistance levels at $ 141. The current action price is very bullish and suggests that there is a higher chance of profit above $ 142 and $ 144 resistance levels.
Looking at the chart, the ETH price is traded with positive bias above $ 137 and $ 134 supports. In the short term, there could be some range moves or a fall in the price of $ 135. However, the overall structure is positive, calling for more profits over $ 140 and $ 142 levels at upcoming meetings.
ETH Technical indicators
Every hour – The MACD for ETH / USD shows positive signs in the bull zone.
Time RSI – The RSI for the ETH / USD is now above 60, with a strong bullish angle.
Big level support – $ 137
The main resistance level – $ 141