HomeAltcoin NewsEthereum Price Analysis: ETH Gaining Traction, Dips Supported

Ethereum Price Analysis: ETH Gaining Traction, Dips Supported

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  • Ethereum price is gaining bullish momentum above the $140 resistance against the US Dollar.
  • ETH price is likely to continue higher towards the $150, $152 and $155 levels.
  • There was a break above a key contracting triangle with resistance near $134 on the 4-hours chart (data feed from Coinbase).
  • The price could correct lower, but dips remain well supported in the near term.

Ethereum price is trading in a bullish zone against the US Dollar. ETH/USD is likely to accelerate further if it breaks the $145 and $150 resistance levels.

Ethereum Price Analysis

After testing the $122 support on many occasions, Ethereum price started a steady rise against the US Dollar. ETH price traded above the key $130 resistance level to move into a positive zone.

Furthermore, there was a close above the $132 level and the 55 simple moving average (4-hours). It opened the doors for more gains above the $135 resistance.

More importantly, there was a break above a key contracting triangle with resistance near $134 on the 4-hours chart. The pair is now trading above the $140 and $142 resistance levels.

The recent high was close to the $146 resistance and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the upward wave from the $134 low to $146 high.

However, the main support on the downside is near the $140 (the recent breakout zone). It also coincides with the 50% Fib retracement level of the upward wave from the $134 low to $146 high.

Therefore, dips towards the $140 support level could find a strong buying interest. Any further losses may perhaps push the price towards the next key pivot level at $135, below which Ethereum is likely to turn bearish. In the mentioned case, it could decline back towards the $122 support area.

On the upside, an initial resistance is near the $146 level. A clear break above the $146 level is likely to lift the price towards the $150 and $152 levels. The next stop for the bulls might be near the $155 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading above key resistances near $135 and $140. As long as there is no close below the $135 level, there are chances of a steady rise towards the $155 level in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently correcting from the 70 level.

Key Support Levels – $140, followed by the $135 zone.

Key Resistance Levels – $146 and $152.

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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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