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Ethereum Gearing For Another Lift-Off to $155: Rally Isn’t Over Yet

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Ethereum rallied recently above the $135 and $140 resistance levels against the US Dollar. ETH price remains well supported and it could rise again towards $150 and $155. Ethereum is showing a lot of positive sign and it is trading above $140 against the US Dollar. The price tested the $150 resistance and corrected lower towards $140. There is a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD (data feed via Kraken). The pair seems to be eyeing another bullish wave towards the $150 and $155 levels in the near term. Ethereum Price Breaks Key Hurdle Yesterday, we saw a crucial bullish break above the $135 resistance for Ethereum against the US Dollar. ETH price moved into a bullish zone, resulting in more upsides above the $140 resistance. The price rallied more than 5% and broke the $142 resistance level. The upward move was such that the price climbed above the $145 level and settled well above the 100 hourly simple moving average. Ethereum tested the next major resistance near the $150 level and recently corrected lower. There was a break below the 23.6% Fib retracement level of the recent surge from the $129 low to $150 high. The price declined below the $142 level, but the $140 area acted as a strong support. Besides, the 50% Fib retracement level of the recent surge from the $129 low to $150 high is also acting as a decent support. There is also a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD. An intermediate support is the $135 level and the 100 hourly simple moving average. Ethereum Price At the outset, the price seems to be preparing for the next move and trading inside a contracting triangle with resistance near the $143 level. A successful break above the $143 and $144 levels could open the doors for another increase. The next stop for the bulls could be near the $150 level, above which the price is likely to test the $155 level in the near term. Limited Downsides If Ethereum fails to stay above the $140 support area, it is likely to find a strong support near the $135 level and the 100 hourly SMA. Any further losses may perhaps put pressure on the bulls and the price is likely to test the trend line or the $130 support area. Technical Indicators Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is currently well above the 50 level. Major Support Level – $140 Major Resistance Level – $144 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Aayush Jindal, Khareem Sudlow