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Key points
- The price of ETH rose higher sharply and broke the resistance area of $ 150 against the US dollar.
- C & # 39; is a short-term bullish flag pattern formed with support for $ 150 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is gaining ground and could extend gains above the $ 155 level in the short term.
The price of Ethereum is traded well with the US dollar and bitcoin. The ETH / USD is positioned well above the $ 144 support and may continue to move higher.
Price analysis of Ethereum
Yesterday we discussed the fact that the ETH price could revisit the $ 150 and $ 155 against the US dollar. The pair ETH / USD moved higher, broke the resistance of $ 144 and climbed towards the resistance levels $ 150 and $ 155. A new weekly maximum was formed at $ 156 and subsequently the price started a downward correction. It fell below $ 155 and $ 152, but is currently well above the 100-hour moving average.
There was a break below the fiber retracement level of 23.6% of the last wave, from the minimum of $ 139 to the maximum of $ 156. However, there are many supports near the $ levels 150 and $ 144. In addition, there is a short-term upside-down flag pattern formed with support for $ 150 on the hourly chart of Eth / USD. Under channel support, the next purchase zone is close to the $ 148 level. It represents the 50% Fibre retracement level of the last wave from the low of $ 139 to $ 156 high. Therefore, if there is a downward correction, the price may find support close to $ 150 or $ 148.
Looking at the chart, the ETH price traded well above the $ 144 support. The price action is positive and it looks like there may be more gains above the $ 155 level. On the downside, the main supports are $ 148 and $ 144.
MACD time – The MACD is slightly positioned in the bearish zone.
RSI timetable – The RSI is now positioned well above level 50.
Main support level: $ 144
Main resistance level: $ 155
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