Key Highlights
- ETH price traded towards the $147 level and later corrected lower against the US Dollar.
- There is a short term bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair likely to break the $138 and $140 resistance levels to start a fresh upward move.
Ethereum price is gaining traction against the US Dollar and bitcoin. ETH/USD must stay above the $131 support initiate a fresh rally above $140.
Ethereum Price Analysis
Recently, we saw a nice upside move from the $114 swing low in ETH price against the US Dollar. The ETH/USD pair broke the $128 and $130 resistance levels. There was also a close above the $130 level and the 100 hourly simple moving average. The price traded above the $140 level and formed a high at $146.95. Later, there was a downside correction below the $140 level. Sellers pushed the price below the 23.6% Fib retracement level of the last move from the $114 low to $146 high.
However, the decline was protected by the $130 support and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last move from the $114 low to $146 high acted as a support. If there is a downside break below the 100 SMA and the $130 level, there could be further declines. On the upside, there is a strong resistance near $138-140. Besides, there is a short term bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD.
Looking at the chart, ETH price must break the trend line and the $140 resistance to start a fresh upside move. Above the $140 level, the price may perhaps climb towards the $146 and $150 levels in the near term. On the downside, the $130 level is a strong support.
Hourly MACD – The MACD is back in the bearish zone.
Hourly RSI – The RSI is placed near the 50 level.
Major Support Level – $130
Major Resistance Level – $140