- ETH price gained traction and surpassed the key $138 resistance level against the US Dollar.
- The price formed a strong support near the $136 level before climbing above $138.
- This week’s major bearish trend line was breached with resistance near $138 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now trading nicely above the trend line and eyeing more gains above $140 and $142.
Ethereum price slowly moved above key resistances against the US Dollar and . ETH could continue to move higher towards the $145 resistance as long as it is above $138.
Ethereum Price Analysis
After a brief consolidation, ETH price formed a strong support near the $135 and $136 levels against the US Dollar. The ETH/USD pair slowly moved higher and broke a few important resistances near the $138 level. There was even a close above the $138 level and the 100 hourly simple moving average. This is a positive sign and has opened the doors for more gains above the $142 and $144 levels. More importantly, already climbed higher, challenging the $4,050 resistance, and it may continue to rise in the near term.
Therefore, it could help ETH, , and other cryptocurrencies. During the recent upside, this week’s major bearish trend line was breached with resistance near $138 on the hourly chart of ETH/USD. There was a break above the 50% Fib retracement level of the last decline from the $142 swing high to $135 low. The price traded close to the $140 level and later corrected lower. It traded below the 23.6% Fib retracement level of the recent wave from the $135 low to $140 high.
However, the $138 level and the 100 hourly SMA acted as a strong support. Besides, the 50% Fib retracement level of the recent wave from the $135 low to $140 high acted as a support. The current price action suggests that the price is well supported above $138 and it may continue to rise. An immediate resistance is at $140, above which the price could break the $142 level.
Looking at the , ETH price is trading in a positive zone above the $138 level. If buyers remain in action, the price may even challenge the $145 resistance level. On the downside, if there is a break below the $138 support, the price may revisit the $136 support. The main support is near the $135 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining traction in the bullish zone.
Hourly RSI – The RSI for ETH/USD climbed above the 50 level and it is currently near the 55 level.
Major Support Level – $138
Major Resistance Level – $142
Published at Thu, 21 Mar 2019 04:08:44 +0000
