- ETH price slowly recovered and moved above the $ 130 and $ 132 resistances against the US Dollar.
- Yesterday’s major bearish trend line was breached with resistance at $ 132 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb towards the $ 151 resistance level in the near term.
Ethereum price is showing positive signs against the US Dollar and bitcoin. ETH/USD is likely to correct further above $ 140 towards the $ 150 level.
Ethereum Price Analysis
After forming a decent support base around the $ 122 level, ETH price started a recovery against the US Dollar. The ETH/USD pair recovered above the $ 125 and $ 130 levels to move into a short term positive zone. Later, the price gained traction and moved above the $ 131-132 zone. Besides, there was a break above the 50% Fib retracement level of the last drop from the $ 146 swing high to $ 122 swing low.
More importantly, yesterday’s major bearish trend line was breached with resistance at $ 132 on the hourly chart of ETH/USD. The pair is currently placed nicely above the $ 132 level, with a bullish angle. If the price gains traction, it could surpass the $ 140 resistance. It represents the 76.4% Fib retracement level of the last drop from the $ 146 swing high to $ 122 swing low. Above $ 140, the next resistance is at $ 146 and the 100 hourly simple moving average. Finally, the main resistance is positioned near the $ 150-151 zone. It coincides with the 1.236 Fib extension level of the last drop from $ 146.
Looking at the chart, ETH price could correct further higher towards $ 140 and $ 150 in the near term. However, the $ 150-151 zone is likely to act as a strong barrier for buyers. On the downside, an initial support is at $ 130, below which the price may decline to $ 124.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently placed nicely above the 50 level.
Major Support Level – $ 130
Major Resistance Level – $ 151