Support Levels: $140, $139
Resistance Level: $142, $144, $146
- Ethereum price was quite bullish this week and broke through $140 and $144 levels which were major resistances.
- ETH is facing a downward correction currently, however, the support $140 is strong and most probably it will stop further losses.
- A bullish pattern is formed with support around $140 on the hourly chart.
- The bulls will remain in action until the price remains over $140 support.
Ethereum Price Analysis:
Summary: Ethereum price is currently in a bullish momentum against both Bitcoin and USD. ETH might test $140 support before starting to rise again.
ETH price momentum was bullish this week as Ethereum found good support around $137 which helped in the upward momentum. The buyers pushed the price above $140 and $142 resistance levels and Ethereum was able to close successfully over $140 and 100 hourly SMA. Further Ethereum even broke through the $144 resistance zone and even tested the $146 level after which the price started to correct downwards.
The price fell below $142 support level, however, the $139 and $140 support proved strong. Also, there is a bullish pattern line formed with support around $140 on the hourly chart. Currently, Ethereum price is testing the resistance around $142.
As long as Ethereum remains above $140 support, there are chances of another bullish spike, however, if ETH price falls below $140 and $139 support, it might turn bearish.
The chart shows that ETH is currently in a bullish trend, however, the buyers need to maintain support around $140. Etherum is currently facing two major resistances around $142 and $144 above which there are chances that ETH might test $150 resistance level soon.