Ethereum price is gaining momentum against the US Dollar as well as Bitcoin. Technical analysis of ETH price against the US Dollar shows that the price must stay above the strong support level at US$130 for initiating a fresh rally upwards.
Today Ethereum price traded towards US$147 level but later corrected below US$140. It is currently trading at US$135.39 (Kraken data feed shows). The hourly chart of ETH/USD pair shows that a short-term bearish trend line has formed with US$138 as resistance. A fresh bullish rally can be expected above the resistance levels at US$138 and US$140.
Ethereum Price Analysis – ETH/USD Technical Indicators & Price Movement
Ethereum (ETH) price against the US Dollar witnessed a nice upside movement from the US$114 level. It went on to break above the resistance levels at US$128 and US$130. Closing above the US$130 and the 100-hour SMA bolstered the upward price movement.
At one point of time today, the ETH-USD pair moved above the US$140-level and went on to form a 24-hour high at US$146.95. However, it couldn’t hold on to that level and corrected to below US$140. Resistance formed at 23.6% Fibonacci retracement level of the last price movement from low at US$114 to high at US$146 proved to be strong. That’s what led to the correction below US$140.
However, the downward price movement got protection from the support at US$130 as well as 100-hour Simple Moving Average. Another level that acted as strong support is the 50% Fibonacci retracement level of the last price movement from low at US$114 to high at US$146. If the Ethereum price against the US Dollar moves below the support level at US$130 and 100 SMA, further declines can be seen.
The hourly MACD is currently in the bearish zone and hourly RSI is near the 50-level. While major support is located at US$130, major resistance is located at US$140. If the Ethereum price moves above the US$140 resistance level, in the near term the price may move towards US$146 and US$150 levels.
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