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- The price of ETHs has pbaded some significant resistance levels close to the US dollar level of $ 134.
- The price gained traction and stabilized above the resistance levels of $ 134 and $ 136.
- This represented a break above some continuation patterns close to $ 133 and $ 136 on the ETH / USD time chart (data feed via Kraken).
- The pair is currently trading near the $ 139 resistance and could continue trading up in the near term.
The price of Ethereum is gaining momentum against the US dollar and Bitcoin. ETH may exceed resistance levels of 139, 144 and 146 dollars to move into a positive zone.
Ethereum Price Analysis
Yesterday, we discussed the fact that the price of ETHs remained supported, which allowed further increases of 135, 137 and 140 dollars against the US dollar. The ETH / USD pair was a solid support close to the $ 133 level and then began a bullish move. It broke the resistance of $ 134 and is established above the simple moving average of 100 hours. This opened the door to more earnings and the price traded above the resistance levels at $ 135 and $ 137.
During the rally, there was a break above some continuation patterns close to $ 133 and $ 136 on the ETH / USD time chart. The pair even broke the $ 138 resistance and tested the $ 139 hurdle. Recently, there was a slight decline after the price tested the resistance at $ 139. He tested the Fib retracement level of 23.6% of the recent leg, which went from $ 135 to $ 139. However, the price remains well supported and the disadvantages should be contained by the support of $ 138.
If there are more losses, the next key support could be $ 137. It coincides with the level of Fib retracement of 50% of the recent leg, which went from $ 135 to $ 139. Any other loss could lower the price to the main support at $ 134. On the upside, a break above the $ 139 resistance could push the price towards $ 141 resistance levels. The current price trend is very bullish and suggests that there is a good chance that additional earnings will exceed the resistance levels of $ 142 and $ 144.
Looking at the chart, the price of ETH is trading with a positive bias higher than the media of $ 137 and $ 134. In the short term, there may be some range moves or troughs around $ 135. However, the overall structure is positive, calling for more gains above the $ 140 and $ 142 levels in future sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD shows positive signs in the bull market.
RSI hourly – The RSI for ETH / USD is now well above level 60, with a strong bullish angle.
Major Support Level – $ 137
Major resistance level – $ 141
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