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The price of Ethereum has recently gathered and has surpassed the resistance of $ 150.00. The ETH / USD is currently correcting lower, with a downtrend below $ 145.00.
- The price of Ethereum rose to $ 153.00 and subsequently fell below the support of $ 145.00.
- ETH / USD broke a short-term triangle with support for $ 141.00 on the 30-minute chart.
- The price is currently trading in a narrow range between the $ 145.00 resistance and the $ 136.00 support.
Price analysis of Ethereum
Recently, there was a strong bullish wave from the minimum of $ 117.56 in the price of Ethereum. The ETH has exceeded the resistance levels of $ 138.00, $ 142.00 and $ 145.00 to set the pace for further gains.
Click to enlarge the chart
Looking at the 30-minute chart of Eth / USD, the pair even outperformed $ 150.00, but buyers failed to maintain momentum. A maximum was formed at $ 153.00 and thereafter the price started a downward correction.
It broke the support of $ 145.00 and the Fib retracement level to 23.6% of the last leg from $ 117.56 down to $ 153.00 up. More importantly, the price broke a short-term triangle with support for $ 141.00 on the same chart.
Finally, there was a break under the support of $ 140.00 and the average moving at 25 simple (30 minutes). The price tested the 50% Fibra retracement level of the last leg from $ 117.56 down to $ 153.00 high, where buyers emerged and protected losses.
In the beginning, the price is trading in a narrow range above the $ 136.00 support and below the resistance of $ 145.00. Therefore, the next outage could be over $ 145.00 or less than $ 136.00 in the short term.
If there is a bearish break below $ 136.00, the price can go back into a bearish zone. The next major support is $ 125.00, which is the 76.4% Fib retracement level of the last leg. Below $ 125.00, the price could revisit the minimum swing of $ 117.50.
On the other hand, an upside break and closing above $ 145.00 in Ethereum could put buyers back into action. In the mentioned scenario, ETH is likely to break the resistance of $ 150.00 and could even test the resistance of $ 155.00 or $ 158.00.
Market data is provided by TradingView, Bitfinex.
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