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The price of Ethereum gained traction to the level of $ 150.00 and subsequently corrected lower. The ETH / USD is currently trading in a range and looks like it is preparing for a break on the upside.
- The price of Ethereum is well above the support levels of $ 132.00 and $ 135.00.
- ETH / USD is trading in a crucial range above the $ 132.00 support on the 30-minute chart.
- The price must break resistance levels $ 145.00 and $ 150.00 to gain bullish momentum.
Price analysis of Ethereum
After trading up to $ 153.00, there was a downward correction in the price of Ethereum. ETH was trading below the support level of $ 145.00 to enter a short-term bearish zone.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair even traded below the $ 140.00 support and the 25-minute (30-minute) moving average. The sellers pushed the price below the Fib retracement level to 23.6% of the last wave from the low of $ 116.30 to that of $ 153.00.
However, the decline was protected by the support area of $ 132.00-134.00. There have been many attempts by sellers to push the price below the minimum of $ 132.00, but have failed. More importantly, there was no closure below the Fib 50% retracement level of the last wave from the minimum of $ 116.30 to a maximum of $ 153.00.
The price is currently moving higher and is trading near the resistance level of $ 145.00. The current price action is positive and there seems to be a crucial interval formed above the $ 132.00 support on the same chart.
If there is an upside break above the resistance of $ 145.00, the price may even cancel the $ 150.00 barrier. A successful closing above the $ 150.00 resistance could open the doors to a push towards the $ 160.00 and $ 165.00 levels.
On the other hand, if buyers fail to go beyond the resistance of $ 145.00, the price may fall to $ 135.00 and $ 132.00 support levels. Below this, sellers are likely to take control and the price could accelerate losses towards the $ 120.00 support.
Therefore, it seems that the price of Ethereum is approaching a major break above $ 150.00 or below $ 132.00 in the next sessions.
Market data is provided by TradingView, Bitfinex.
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