Ethereum Price Analysis: ETH Could Make a Sustained Move Higher

  • ETH price managed to stay above the $ 130 support level and recovered above $ 132 against the US Dollar.
  • There were swing moves near $ 130 before the price settled above the $ 132 pivot level.
  • This week’s important bearish trend line was breached with resistance at $ 131 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now facing a solid resistance near the $ 134 level and it could extend gains in the near term.

Ethereum price spiked a few times higher against the US Dollar and bitcoin. ETH formed a solid support near $ 130 and it may climb higher above the $ 134 and $ 135 resistance levels.

Ethereum Price Analysis

Yesterday, we saw a few swing moves near the $ 130 level in ETH price against the US Dollar. The ETH/USD pair spiked sharply below the $ 130 and $ 129 levels and later recovered above the $ 130 level. Later, there were consolidation moves before the price climbed above the $ 131 and $ 132 resistance levels. More importantly, there was a close above the $ 132 resistance and the 100 hourly simple moving average.

During the upside, this week’s important bearish trend line was breached with resistance at $ 131 on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the last slide $ 135 swing high to $ 129 swing low. It opened the doors for more gains above the $ 132 level. There was also a spike above the $ 133 level, but upsides were capped by the key $ 134 resistance. The price also faced sellers near the 76.4% Fib retracement level of the last slide $ 135 swing high to $ 129 swing low. It is currently consolidating above the $ 132 support and the 100 hourly SMA.

On the upside, the price needs to clear the $ 134 resistance to continue higher. The next main resistance is near the last swing high at $ 135. Once the price clears both hurdles, it is likely to test the $ 140 resistance. On the other hand, if there is a downside correction, the $ 132 level might provide support. Any further losses might push it back towards the $ 130 support.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price clearly made a few nasty moves, but it managed to settle above $ 132, which is a positive sign. As long as it stays above the $ 132 support and the 100 hourly SMA, it remains supported for more upsides towards the $ 135, $ 137 and $ 140 levels.

ETH Technical Indicators

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

Hourly RSIThe RSI for ETH/USD climbed well above the 60 level and it is currently correcting lower towards 55.

Major Support Level – $ 132

Major Resistance Level – $ 135

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