- Ethereum is currently correcting higher from the $132 low against the US Dollar.
- Bitcoin price is also recovering and it is now trading above the $7,000 level.
- Yesterday’s major bearish trend line was breached with resistance near $145 on the hourly chart of ETH/USD (data feed via Kraken).
- The price is likely to correct further higher, but the $155 resistance is likely to act as a hurdle.
Ethereum price is showing signs of an upside correction versus the US Dollar, similar to bitcoin. ETH price could only move into a positive zone once it breaks the $155 resistance.
Ethereum Price Analysis
Yesterday, there was a sharp decline in Ethereum below the $155 and $150 support levels against the US Dollar. Moreover, ETH price settled below the $155 pivot level and the 100 hourly simple moving average.
Finally, the price traded below the $140 support area and a new multi-month low was formed near the $132 level. Recently, the price started an upside correction above the $138 and $140 resistance levels.
Besides, yesterday’s major bearish trend line was breached with resistance near $145 on the hourly chart of ETH/USD. The price even spiked above the $150 level, but it struggled to climb above the 100 hourly simple moving average.
It is currently trimming gains below $150. Additionally, there was a break below the 23.6% Fib retracement level of the recent upside correction from the $132 low to $152 high.
It seems like there is a bullish flag pattern forming with resistance near the $150 level. If there is an upside break above the $150 and $152 levels, the price could test the main downtrend resistance near the $155 level.
A successful daily close above the $155 resistance is needed for a strong recovery. The next key resistances are near $168 and $170. On the downside, an initial support is near the $144 level.
The first key support is near the $142 area. It represents the 50% Fib retracement level of the recent upside correction from the $132 low to $152 high. Therefore, a…