Ethereum (ETH) Flirts With Key Resistance, Bitcoin Up 3%
Ethereum is slowly rising and it is trading above the $146 support area against the US Dollar.
The price is facing a few strong resistances near $148, $150 and $152.
There is a key contracting triangle forming with resistance near $148 on the hourly chart of ETH/USD (data feed via Kraken).
The price could continue to rise towards the main $152 resistance in the near term.
Ethereum price is approaching important hurdles versus the US Dollar and bitcoin. ETH price must settle above $152 to continue higher in the near term.
Ethereum Price Analysis
Recently, Ethereum dived from the $152 resistance area and trimmed most gains against the US Dollar. However, ETH price managed to stay above the $144 support area and later recovered higher.
Moreover, the price surpassed the $146 resistance area and the 100 hourly simple moving average. The price also climbed above the 23.6% Fib retracement level of the recent decline from the $153 swing high to $144 swing low.
At the outset, the price is facing hurdles near the $148 resistance. Besides, there is a key contracting triangle forming with resistance near $148 on the hourly chart of ETH/USD.
More importantly, the 50% Fib retracement level of the recent decline from the $153 swing high to $144 swing low is also near the $148 level. Therefore, an upside break above the $148 resistance could push the price further higher.
Still, there are many resistances on the way up, starting with $150 and up to $152. Additionally, Ethereum price must settle above the $152 resistance to start a decent recovery and an upward move.
The next major hurdle is near the $158 level, above which the price could rally above $160. Conversely, the price could decline from $148 or $150. An immediate support is near the $146 pivot level.
The next support is near the triangle support at $145, below which there is a risk of a downside break below the $144 support area. If the bulls fail to defend the $144 support area, the bears are likely to aim the $140 support or even the $135 pivot level in the coming sessions.
Looking at the chart, Ethereum price is clearly making another attempt to surpass the $150 and $152 resistance levels. Thus, it could either rally above $152 or it might start a fresh decline towards the $140 and $135 levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is likely to move back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a few positive signs.
Major Support Level – $144
Major Resistance Level – $152
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