Ethereum Price Analysis: ETH Targets New Monthly High
ETH price corrected lower and tested the $136-137 support area against the US Dollar.
The price is currently recovering and it may continue to rise above $141 and $144 in the near term.
This was a break above a key contracting triangle with resistance near $139 on the hourly chart of ETH/USD (data feed via Kraken).
The pair needs to climb above the $144 resistance area to trade to a new monthly high.
Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH could extend gains once it breaks the $141 and $144 resistance levels in the coming sessions.
Ethereum Price Analysis
This past week, we saw a nice upside move above the $134 and $140 resistances in ETH price against the US Dollar. The ETH/USD pair traded close to the $144 level and later started a downside correction. There was a break below the $140 and $138 levels. It traded close $137 level and formed a low just above the $136 level. The price also stayed above the 100 hourly simple moving average, with a positive angle above $134.
At the moment, the price is trading above the $138 level and the 50% Fib retracement level of the recent decline from the $144 swing high to $137 swing low. Besides, there was a break above a key contracting triangle with resistance near $139 on the hourly chart of ETH/USD. The pair climbed higher and tested the $141 resistance area. It represents the 61.8% Fib retracement level of the recent decline from the $144 swing high to $137 swing low. In the short term, there could be a few swing moves above $138. However, the price is likely to climb above $141 and $142 in the coming sessions.
On the upside, the main resistance is near the $144 level, above which the price could target a new monthly high. The next key resistances are near the $148 and $150 levels. On the downside, an initial support is at $138. If there are more losses, the price may struggle to stay above the $137 support zone.
Looking at the chart, ETH price likely completed a downside correction near the $137 level. If buyers gain pace above the $141, there could be a solid upward move towards the $144 and $148 levels. Conversely, a downside break below the $137 support and 100 SMA could trigger more downsides in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD just moved back in the bullish zone.
Hourly RSI – The RSI for ETH/USD climbed back above the 50 level and it is testing the 60 level.
Major Support Level – $137
Major Resistance Level – $141
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