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The price of Ether is gaining bullish momentum against the US dollar and bitcoin. The ETH / USD could rally towards $ 150.00 if there is a break above the resistance $ 142.00.
Key points
The price of Ether has dropped recently and has tested the support area of $ 130.00 against the US dollar.
A crucial interval is formed with support for $ 132.00 and resistance close to $ 142.00 on the 2-hour chart of Eth / USD.
ETH / BTC is slowly moving higher towards the 0.0380BTC resistance level.
Technically, the 2-hour chart is moving higher in bullish territory.
Price analysis of the ether
Yesterday we discussed the importance of the support area of $ 130.00 in ETH / USD. The pair recently plunged and tested the $ 130.00 support, where buyers emerged and protected further dips.
ETH / BTC remained above the 0.0350BTC support and seems to be able to keep moving higher. The next main resistance is 0.0375BTC, above which the price could test the resistance of 0.0392BTC.
Starting from the 2-hour chart of Eth / USD, the pair is trading in a wide range below the resistance levels of $ 142.00 and $ 145.00. If Ether breaks the resistance of $ 145.00, the price may rise towards resistance levels $ 150.00 and $ 155.00.
On the downside, there is a strong support formed close to the support levels of $ 132.00 and $ 130.00. Furthermore, there is an uptrend line, with support for $ 133.00 on the same chart.
Finally, the 50% Fibonacci retracement level of the upside move from $ 114.71 to $ 150.06 is also a decent support above the $ 130.00 level. If there is a bearish break below the $ 130.00 support, sellers will probably take control.
The next key support is close to $ 125.00 and the Fibonacci retracement level at 61.8% of the move up. The current price action is positive over $ 132.00 and $ 130.00, but buyers must gain momentum above the resistance area of $ 142.00.
To sum up, ETH / USD is preparing for the next break above $ 142.00 or below $ 132.00 in the near term. The odds of an upside break are high as long as Ether trades above $ 132.00-133.00.
Important resistance levels
$ 142.00 and $ 145.00
Important support levels
$ 132.00 and $ 130.00
2 hours RSI
The RSI is moving higher towards level 60.
MACD at 2 hours
The MACD is gaining momentum in the bullish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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