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- The price of ETHs has recently fallen, but it has found support well above US $ 132 against the US dollar.
- The price has recovered and it is now facing a strong resistance near the area of 137 to 138 dollars.
- A major break is formed with a resistance of USD 138 on the 4 hour ETH / USD chart (data feed via Kraken).
- The pair should accelerate faster if there is a break above $ 138 and $ 140.
The price of Ethereum is aligning for the next move against the US dollar and Bitcoin. ETH / USD will most likely climb higher as long as there is no closing below the $ 132-133 support zone.
Ethereum Price Analysis
After stopping near the US $ 144 level, the price of ETH against the US dollar has steadily declined. The ETH / USD fell below the $ 140 support level to move into a bearish zone. Later, he found support close to the $ 135 level, but buyers failed to record losses. Finally, there was a break below support of $ 135 and a simple moving average (4 hours). The price fell below support at 134 USD and is traded close to the support area at 132 USD.
Recently, the price recovered and rose above the $ 135 level. However, the price seems to face a strong resistance near the $ 137-138. For now, it is trading near the $ 135 level and the single moving average (4 hours). Immediate support is close to the Fib retracement level of 50% of the last wave, from the low at $ 132 to $ 138. Most importantly, there is a major breakout model formed with resistance at $ 138 on the ETH / USD 4 hour chart.
The support triangle is close to the $ 134 level, below which the next key support is close to the $ 132 level. It seems that the price is getting ready for the next move, either above $ 138 or below $ 134. On the other hand, there are many supports close to the levels of $ 134, $ 133 and $ 132. As a result, there is a good chance for an upward break above the 137-138 resistance zone.
The graph above indicates that the price of ETHs is likely to climb above the resistance zone from 137 to 138 USD. In the bullish scenario mentioned, the price could even break the resistance of $ 140 and revise the resistance zone of $ 144. The next key resistance is close to the $ 148 level, followed by $ 150. On the other hand, if buyers do not push the price above $ 138, there could be a downward reaction. A break under $ 132 support may require a $ 130 support test.
Technical indicators
4 hours MACD – The MACD for ETH / USD is currently flat, with some positive signs.
4 hours RSI – The RSI for ETH / USD is currently below the 50 level, with a bearish angle.
Major Support Level – $ 134
Major resistance level – $ 138
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