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Key Highlights
- ETH price formed a support based on the $ 128 level and bounced back against the US Dollar.
- There was a break on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is placed in a positive zone and may continue to move higher towards $ 150 or $ 155.
Ethereum price is back gaining against the US dollar and bitcoin. ETH / USD could accelerate and test the next resistance near the $ 150 level.
Ethereum Price Analysis
Recently, there was a dip at the $ 128 level in the ETH price against the US Dollar. The ETH / USD pair found in a strong buying interest near $ 128, resulting in a decent upside move. The price bounced back and traded above the $ 130 level and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $ 146 high to $ 128 low.
More importantly, there was a break on the hourly chart of ETH / USD. The pair spiked above the $ 138 level and tested the $ 140 resistance level. However, the price seems to be struggling to clear the $ 140-141 zone. It represents the 61.8% Fib retracement level of the last decline from the $ 146 high to $ 128 low. If there is a close to above the $ 140 level, the price is likely to climb further higher at the $ 144 and $ 148 resistance levels. The main hurdle for buyers is near the $ 150 level.
Looking at the chart, the price is back in a positive zone above the $ 134 level. However, it needs to surpass the $ 140 barrier to continue higher. On the downside, an initial support is at $ 137 level followed by the $ 133 level.
Hourly MACD – The MACD is gaining peace in the bullish zone.
Hourly RSI – The RSI is now placed well above the 60 level.
Major Support Level – $ 133
Major Resistance Level – $ 140
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