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- The price of ETHs prolonged the recent rally and traded above resistance of $ 144 and $ 148 against the US dollar.
- The price traded near the $ 150 level and then began to consolidate gains above $ 145.
- A major uptrend line is in place with 142 USD support on the ETH / USD time chart (data feed via Kraken).
- There may be a short-term downside correction, but buyers remain in action above $ 140.
The Ethereum price posted strong gains against the US dollar and Bitcoin. ETH / USD has tested the resistance zone at $ 150 and can now correct a dip before a new bullish wave in the near term.
Ethereum Price Analysis
Yesterday, we saw a nasty move up from the $ 125 low of the ETH price against the US dollar. The ETH / USD has climbed above the resistance levels of 130 and 136 USD to enter a bullish zone. Later, buyers gained traction and pushed the price above the resistance levels of $ 140 and $ 142. A bearish reaction was observed near the $ 148 level and the price plunged back to $ 140. The sellers failed to gain speed, which led to a further rise above the resistance levels of $ 145 and $ 148. It traded near the $ 150 resistance and is well above the simple 100-hour moving average.
At the moment, the price consolidates gains above USD 145, with some downward movements. It has crossed the Fib retracement level of 23.6% from the recent wave, rising from a low of $ 134 to a high of $ 150. The last hour candle suggests an increase in sales pressure of less than $ 150. However, there are many downside supports near levels of 145, 142 and 140 dollars. More importantly, there is a major uptrend line with support at $ 142 on the ETH / USD time chart.
If there is a break below the trend line, the price could test the support area at $ 140. This coincides with the Fib retracement level of 61.8% of the recent wave, from the lowest level of $ 134 to $ 150. Any other loss could result in a prolonged downward correction of less than $ 138 and $ 136. On the upside, the levels of $ 148 and $ 150 are significant barriers for short-term buyers.
Looking at the chart, the price of ETH seems to face heavy offers close to $ 150. As a result, there could be some swing movements above $ 140 before a new uptrend. Above $ 150, the next target could be $ 154 and $ 155.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is currently in the bearish zone, but with some bullish signs.
RSI hourly – The RSI for ETH / USD is currently lowering down to level 60.
Major Support Level – $ 140
Major resistance level – $ 150
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