Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

Ethereum is still facing a strong resistance near the $ 142 and $ 144 levels against the US Dollar. A successful close above $ 144 could start a strong increase in ETH price in the near term.

  • Ethereum is struggling to gain bullish momentum above the $ 142 zone against the US Dollar.
  • The price is currently trading nicely above the $ 135 support and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $ 142 on the hourly chart of ETH/USD (data feed via Kraken).
  • The bulls are likely to make another attempt to clear the $ 142 and $ 144 resistance levels.

Ethereum Price Trading in a Positive Zone

Yesterday, we discussed the importance of the $ 142 and $ 144 resistance levels for Ethereum against the US Dollar. Recently, ETH price made another attempt to clear the $ 142 hurdle, but it failed.

A swing high is formed near $ 142 and the price is currently correcting gains. It traded below the 23.6% Fib retracement level of the recent rise from the $ 133 low to $ 142 high.

It seems like there is a key declining channel forming with resistance near $ 142 on the hourly chart of ETH/USD. An initial support on the downside is near the $ 138 level. The first major support is seen near the $ 136 level. It is close to the 50% Fib retracement level of the recent rise from the $ 133 low to $ 142 high.

Ethereum Price

Ethereum Price

The main support is now forming near the $ 135 level and the 100 hourly simple moving average. Any further losses may perhaps put a lot of pressure on Ethereum bulls and the price could decline below $ 132. The next major support is near the $ 125 level.

Upside Break?

On the upside, the first major hurdle for Ethereum is near the $ 142 level. The main hurdle is now near the $ 144 level. A successful break above the channel resistance, $ 142, and $ 144 is needed to start a strong increase in the near term.

In the stated scenario, the price is likely to accelerate higher towards the $ 150 and $ 155 resistance levels. Any further gains could lead the price towards the $ 165 level in the coming days.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level, with a positive bias.

Major Support Level – $ 135

Major Resistance Level – $ 144

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *