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Key points
- The price of ETH has slowly recovered and has moved above the resistance from $ 130 and $ 132 against the US dollar.
- Yesterday's main downtrend line was overcome with a resistance of $ 132 on the ETH / USD time table (data feed via Kraken).
- The pair is likely to rise to the $ 151 resistance level in the short term.
The price of Ethereum is showing positive signs against the US dollar and bitcoin. It is likely that ETH / USD will further correct over $ 140 towards the $ 150 level.
Price analysis of Ethereum
After forming a decent support base around the $ 122 level, the ETH price began to recover against the US dollar. The ETH / USD pair has recovered above $ 125 and $ 130 to move into a positive short-term zone. Subsequently, the price gained traction and moved over the area from $ 131-132. Also, there was a break above the fiber retracement level of 50% of the last drop, from $ 146 in the swing to $ 122 in low swing.
More importantly, yesterday's main downtrend line was outdated with a resistance of $ 132 on the hourly chart of Eth / USD. The pair is currently positioned well above the $ 132 level, with a bullish angle. If the price increases traction, it could exceed the resistance of $ 140. It represents the fiber retracement level of 76.4% of the last drop, from the $ 146 swinging to $ 122 low oscillating. Above $ 140, the next resistance is $ 146 and the 100-hour simple moving average. Finally, the main resistance is positioned near the $ 150-151 zone. Corresponds to the 1,236 Fib extension level of the last straw from $ 146.
Looking at the chart, the ETH price could further correct towards $ 140 and $ 150 in the short term. However, the $ 150-151 zone will probably constitute a strong barrier for buyers. On the downside, initial support is $ 130, below which the price may fall to $ 124.
MACD time – The MACD is slowly moving into the bullish zone.
RSI timetable – The RSI is currently positioned well above level 50.
Main support level: $ 130
Main resistance level: $ 151
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