Technical Indicators:
Support Level: $134
Resistance Level: $144
Key Points:
- This week, ETH price was able to break the crucial resistance at $134.
- ETH price was able to settle above this range which resulted in the overall momentum getting bullish.
- Currently, Ethereum is facing a downward correction, however strong support is formed at $134 (which was the previous resistance level) which will most likely push the price upwards again.
ETH Price Analysis:
Summary: ETH price is currently in a bullish momentum against both bitcoin as well as USD. Ethereum was able to reach up to $144 before the downward correction started. However, the overall situation is still positive.
This week, Ethereum face a lot of hurdles in trying to move above $132 resistance level. ETH price fell down to $128 support level which pushed the price a little upwards. Ethereum found support around $130 and buyers were finally able to break the $132 resistance level. The momentum became bullish once this resistance was broken and hence, Ethereum was easily able to break the next resistance around $134 and the 100 hourly SMA.
Ethereum price soon started to march towards $140 resistance and was able to break through. ETH price tested the $144 resistance level but corrected downwards. A weekly high was formed around $144. ETH has a lot of support at $135, $134 and $133.
If Ethereum is able to break through the $144 resistance level, there are chances of ETH spiking straight above $150. However, if somehow ETH breaks the $134 support during downside correction, it may result in the overall momentum turning bearish.
The chart shows that Ethereum is currently in a bullish momentum after breaking $134 region. The current resistance lies at $144 range and the major support is at $135. There is a lot of bullish momentum foreseen as long as the price stays above $135 support and the 100 hourly SMA.
