Breaking News

Ethereum (ETH) Bulls Eye Crucial Bullish Break

#crypto #bitcoin

  • Ethereum is approaching the main $152 and $155 resistance levels against the US Dollar.
  • The price is likely to rally significantly once there is a clear break above $152.
  • There is a key bullish trend line forming with support near $148 on the hourly chart of ETH/USD (data feed via Kraken).
  • The price could dip a few points, but it remains supported near $148 and $145.
Ethereum price is trading with a positive bias versus the US Dollar, similar to bitcoin. ETH price needs to rally above $152 to continue higher in the coming sessions.

Ethereum Price Analysis

After forming a support base above $144, Ethereum started a decent upward move against the US Dollar. ETH price is rising steadily and it recently climbed above the $148 resistance area.
Moreover, there was a break above the $150 resistance and the 100 hourly simple moving average. However, the price ran into a crucial resistance area near $152, where the bears protected further upsides.
A high is forming near $152 and the price is currently correcting lower. An immediate support is near the $149.50 area. Besides, the 50% Fib retracement level of the upward move from the $146 swing low to $152 high is also near $149.
More importantly, there is a key bullish trend line forming with support near $148 on the hourly chart of ETH/USD. Therefore, Ethereum is likely to find a strong buying interest near the $149 and $148 levels.
Additionally, the 61.8% Fib retracement level of the upward move from the $146 swing low to $152 high is near the $148 level and the 100 hourly simple moving average.
If there is a downside break below the $148 support, the price could continue to move down towards the main $144 support area in the near term.
Conversely, the bulls are likely to make another attempt to surpass the $152 resistance area. In the mentioned case, there are high chances of a sharp rally above the $152 and $155 resistance levels.
The next major resistance is near the $158 level. Thus, a successful close above $158 could signal a trend change in the medium term and the price could climb towards $172.
Ethereum Price ETH Chart
Ethereum Price
Looking at the chart, Ethereum price is trading in a positive zone above the $148 and $144 support levels. In the short term, there could be a downside correction, but the price is likely to bounce back.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI The RSI for ETH/USD is currently just above the 50 level, with a few positive signs.
Major Support Level – $144
Major Resistance Level – $152
The post Ethereum (ETH) Bulls Eye Crucial Bullish Break appeared first on NewsBTC.


OhNoCrypto

via https://www.ohnocrypto.com

Aayush Jindal, Khareem Sudlow