Technical Indicators:
Support Level: $137
Resistance Level: $144
Key Points:
- ETH Price started to correct downwards recently and tested the $137 support level.
- ETH Price will most likely test the $142 resistance level in the short term.
- Ethereum must break the $142 and $144 resistance level in order to move towards $150.
ETH Price Analysis:
Summary: ETH Price is currently trading positively against both USD and BTC. Ethereum will most likely move towards $150 after it breaks the current resistance around $142 and $144.
Ethereum showed bullish moves this week after breaking the major resistance around $134, 136 and $140. ETH price reached to a weakly high at $144 before it started to correct downwards. The downward momentum was able to break the $140 support level, however, Ethereum was well supported at $137 and the 100 hourly SMA which was able to stop further losses.
Currently, ETH price is trading well above $137 support level after the recent decline from $144 to $137. Ethereum could face hurdles in trying to move upwards, however, the overall momentum is still bullish and Ethereum will most likely test the $142 resistance soon.
However, the major resistance is around $144 and if ethereum is able to break this resistance, it could move upwards directly to test the next resistance around $150. On the downside, the major support is at $137 beneath which the price could test $134 support level.
The chart shows that Ethereum recently corrected downwards, however, the support around $137 was strong enough to stop further losses. If the buying pressure increases, it could lead to Ethereum breaking the $144 resistance and move towards $150. However, If Ethereum breaks below $137 support, it could test $134 before moving further downwards.
