Ethereum is trading with a bullish angle and it recently surpassed the $135 resistance against the US Dollar. ETH price is likely to continue higher towards $145 and $150.
- Ethereum is up more than 3% and it broke the main $135 resistance against the US Dollar.
- The price is now trading in a bullish zone and it could continue higher towards $145 or $150.
- There is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin also gained traction and it rallied more than 5% to trade above $6,600.
Ethereum Price Gaining Bullish Momentum
This week, we discussed the importance of the $135 resistance for Ethereum against the US Dollar. ETH price made a few attempts to clear the $135 hurdle and it recently succeeded.
After trading as low as $128.85, the bulls came into the action. They pumped the price above the $135 resistance and the 100 hourly simple moving average. The upward move was strong and the price traded towards the $140 level.
A high is formed near $139 and the price is currently correcting gains. It broke the 23.6% Fib retracement level of the recent rally from the $129 swing low to $139 high. On the downside, the previous resistance near the $135 level is now likely to act as a major support area for Ethereum in the near term.
There is also a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD. An intermediate support is the 50% Fib retracement level of the recent rally from the $129 swing low to $139 high.
The current price action is positive and it seems like the price is likely to continue higher above the $138 and $140 levels. The first major resistance is near the $142 level, above which the bulls are likely to aim a test of $145 or even $150.
Dips Remain Supported
If Ethereum corrects lower, it is likely to remain well bid near the $135 support zone. The main support below the $135 level is near the $130 range area.
As long as there is no daily close below $130, the bulls are likely to remain in control in the coming sessions.
Hourly MACD – The MACD for ETH/USD is now moving nicely in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.
Major Support Level – $132
Major Resistance Level – $140
Risk disclaimer: 76.4% of retail CFD accounts lose money.