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Key points
- The ETH price was traded towards the $ 147 level and subsequently corrected downwards against the US dollar.
- C & # 39; is a short-term bearish trend line formed with resistance to $ 138 on the hourly chart of the Eth / USD (data feed via Kraken).
- The pair could break the $ 138 and $ 140 resistance levels to start a new upward move.
The price of Ethereum is catching on against the US dollar and bitcoin. The ETH / USD must stay above the $ 131 support to start a new rally in excess of $ 140.
Price analysis of Ethereum
Recently, we witnessed a nice upward move from the low $ 114 of the ETH price relative to the US dollar. The ETH / USD pair broke resistance levels $ 128 and $ 130. There was also a close above the $ 130 level and a simple 100-hour moving average. The price was traded above the $ 140 level and reached a maximum of $ 146.95. Subsequently, there was a downward correction below the $ 140 level. The sellers pushed the price below the Fib retracement level to 23.6% of the last move from the $ 114 low to the $ 146 high.
However, the decline was protected by the $ 130 support and the 100-hour SMA. In addition, the 50% fiber retracement level of the last move from the low of $ 114 to $ 146 worked as support. If there is a bearish break below 100 SMA and the $ 130 level, there could be further declines. On the upside, there is strong resistance near $ 138-140. Furthermore, there is a short-term bearish trend line formed with resistance at $ 138 on the hourly chart of Eth / USD.
Looking at the chart, the ETH price must break the trend line and the $ 140 resistance to start a new upward move. Beyond the $ 140 level, the price could rise to $ 146 and $ 150 in the short term. On the downside, the $ 130 level is a strong support.
MACD time – The MACD is back in the bearish zone.
RSI timetable – The RSI is positioned near level 50.
Main support level: $ 130
Main resistance level: $ 140
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