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- The price of ETH crossed a major resistance zone close to 133-134 USD to rise against the US dollar.
- The price has stabilized above the key resistance of $ 134 to move into a positive zone.
- A breakout occurred over a major contracting triangle with resistance at US $ 133 on the ETH / USD 4 hour chart (data feed via Kraken).
- The pair is currently correcting downward, but it should find a strong buying interest close to $ 134.
The price of Ethereum is trading with a bullish bias against the US dollar and Bitcoin. ETH / USD has climbed to 144 USD and is currently correcting for the lowest support close to 134 USD.
Ethereum Price Analysis
Last week, there was some movement back and forth to the US $ 128 level of the ETH price against the US dollar. Later, the ETH / USD pair was a solid support near the levels of $ 129 and $ 130. Finally, buyers gained traction and crossed the $ 132 resistance zone to move into a positive zone. The uptrend has been strong, with the price even surpbading the $ 134 level and the simple moving average of 100 (4 hours). The stock price was constructive, paving the way for further increases above the $ 134 level.
In addition, there was a break above a major contracting triangle with resistance at US $ 133 on the ETH / USD 4 hour chart. The pair rebounded above the $ 140 resistance level. He traded near the resistance zone at $ 144. A higher was formed just below $ 144 and later the price started a downward correction. It exceeded the Fib retracement level of 23.6% from the last wave, rising from a low of $ 128 to a high of $ 144. On the other hand, there are many supports close to the $ 135 level and the simple moving average (4 hours).
In addition, the 50% Fib retracement level of the last wave, from the low of $ 128 to the high of $ 144, is also close to the $ 135 level to support. Therefore, if the price continues to fall, he could find support close to $ 134 or $ 135. If there is a break below $ 134, the price could return to a bearish zone.
The graph above shows that the price of ETHs has risen well above the barriers of $ 134 and $ 140. There are many bullish signs above the $ 135 level and the 100 SMA. In the short term, there could be a consolidation phase above $ 135 before the price moves. On the plus side, the main barriers are around 142, 144 and 145 dollars.
Technical indicators
4 hours MACD – The MACD for ETH / USD is about to return to the bearish zone.
4 hours RSI – The RSI for ETH / USD is down from 80 and could move to 50.
Major Support Level – $ 134
Major resistance level – $ 142
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