Ethereum Price Analysis: ETH Gaining Traction, Dips Supported
- Ethereum price is gaining bullish momentum above the $140 resistance against the US Dollar.
- ETH price is likely to continue higher towards the $150, $152 and $155 levels.
- There was a break above a key contracting triangle with resistance near $134 on the 4-hours chart (data feed from Coinbase).
- The price could correct lower, but dips remain well supported in the near term.
Ethereum price is trading in a bullish zone against the US Dollar. ETH/USD is likely to accelerate further if it breaks the $145 and $150 resistance levels.
Ethereum Price Analysis
After testing the $122 support on many occasions, Ethereum price started a steady rise against the US Dollar. ETH price traded above the key $130 resistance level to move into a positive zone.
Furthermore, there was a close above the $132 level and the 55 simple moving average (4-hours). It opened the doors for more gains above the $135 resistance.
More importantly, there was a break above a key contracting triangle with resistance near $134 on the 4-hours chart. The pair is now trading above the $140 and $142 resistance levels.
The recent high was close to the $146 resistance and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the upward wave from the $134 low to $146 high.
However, the main support on the downside is near the $140 (the recent breakout zone). It also coincides with the 50% Fib retracement level of the upward wave from the $134 low to $146 high.
Therefore, dips towards the $140 support level could find a strong buying interest. Any further losses may perhaps push the price towards the next key pivot level at $135, below which Ethereum is likely to turn bearish. In the mentioned case, it could decline back towards the $122 support area.
On the upside, an initial resistance is near the $146 level. A clear break above the $146 level is likely to lift the price towards the $150 and $152 levels. The next stop for the bulls might be near the $155 level.
Looking at the chart, Ethereum price is trading above key resistances near $135 and $140. As long as there is no close below the $135 level, there are chances of a steady rise towards the $155 level in the near term.
4 hours MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently correcting from the 70 level.
Key Support Levels – $140, followed by the $135 zone.
Key Resistance Levels – $146 and $152.
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