HomeAltcoin NewsEthereum Price Analysis: ETH Primed For Another Rally

Ethereum Price Analysis: ETH Primed For Another Rally

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  • Ethereum price is trading above the $128 and $130 support levels against the US Dollar.
  • ETH price is likely to start another rally above the $135 resistance area.
  • There was a break above a major bearish trend line with resistance near $129 on the 4-hours chart (data feed from Coinbase).
  • The price remains well supported on the downside near the $128 area.

Ethereum price is trading above key supports against the US Dollar. ETH/USD is likely to start a new upward move above the $135 and $140 resistance levels.

Ethereum Price Analysis

After forming a base near the $122 level, Ethereum price started a fresh increase against the US Dollar. ETH price surged above the $130 resistance and the 55 simple moving average (4-hours).

Moreover, there was a break above a major bearish trend line with resistance near $129 on the 4-hours chart. The pair even climbed above the $135 resistance and tested the $138 level.

Recently, Ethereum price started a downside correction from the $138 high. It broke the $134 support area. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the $122 low to $138 high.

However, the price is finding strong bids near the $130 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the upward move from the $122 low to $138 high is providing support.

If there is a downside break below the $130 support and the 55 SMA, Ethereum price could extend its decline. The next major support might be $125, where the bulls are likely to take a stand. It is close to the 76.4% Fib retracement level of the upward move from the $122 low to $138 high.

Any further losses may perhaps push the price towards the $122 support. On the upside, an initial hurdle for the bulls is near the $134 and $135 levels.

Therefore, a successful break above $135 might start another rally. The next major hurdle is near the $140 level, followed by $142. If the price continues to climb higher, it will most likely surpass the $145 resistance area.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading above key supports near the $130 and $128. As long as there is no close below the $128 level, there are chances of a fresh rally above the $134 and $135 resistance levels.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly moving into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently above the 50 level.

Key Support Levels – $130, followed by the $128 zone.

Key Resistance Levels – $135 and $140.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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