Ethereum Just Broke $135 and Primed To Test $150: Here’s Why

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.

Ethereum Price

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.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now moving nicely in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $132

Major Resistance Level – $140

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