ETH Price Analysis: Ethereum ready for bull run before Constantinople?

Technical Indicators

Support Level – $130

Resistance Level – $140

  • ETH price started a decent recovery and moved over the $130 and $132 support levels against the US Dollar.
  • Ethereum price is facing selling pressure around $138 and $140 and the 100 hourly SMA.
  • ETH price is probably going to move either over the $138 and $140 resistance levels or towards the $130 support.

ETH price is getting stronger before starting a bullish momentum. Ethereum could increase bullish energy once it clears the $137 and $140 resistance levels.

 

ETH Price Analysis

Yesterday, ETH price declined vigorously but discovered good support around $126, and later corrected upwards. It settled over the $130 and $132 support levels. The upward move was solid as the price even crossed over the $135 level. However,  Ethereum found selling pressure around $138-140 resistance zone. Therefore, Ethereum could not close over the $138 level and the 100 hourly SMA.

ETH price went close to $140 before starting to correct downwards. The decline was stopped by the $131-132 support level. There is a breakout pattern shaped with resistance around $136 on the hourly chart of ETH/USD.

If there is an upside break over the $136 and $137 resistance levels, the price could move above the $140 zone. Having said that, a legitimate close over the $140 and 100 SMA is required for buyers to gain momentum. The next resistance could be $144, where selling pressure may rise. However, if there is a drawback beneath $133, the price could test the $130 support.

ETHUSD Price Chart
ETHUSD Price Chart

Taking a look at the chart, ETH price is trading in a range over $130. It might keep on trading within this range before it either moves over the $137 resistance or towards the $130 support. The current momentum looks bullish, yet a break over $140 is must for more gains.

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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