Support Level – $140
Resistance Level – $150
- Ethereum price broadened the ongoing rally and moved over the $144 and $148 resistances against the US Dollar.
- There is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.
- There could be a downward correction for the short term. However, a lot of buyers are placed around $140 to push the price upwards again.
Ethereum price showed strong increases against the US Dollar as well as bitcoin. ETH tested the $150 resistance level which was quite strong so the price may correct downwards for a short term before starting a bull run again.
Ethereum Price Analysis
Recently, we saw an awful upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair revitalized over the $130 and $136 resistance levels to move into a bullish zone. Afterward, buyers drove the price over the $140 and $142 resistance levels. There was a bearish response noted close to the $148 level and the price plunged towards the $140 support. Sellers could not push the price downwards resulting in a new upward move over the $145 and $148 resistance levels. Ethereum price moved near the $150 resistance and settled well over the 100 hourly SMA.
At present, the price is uniting increases above $145, with a couple of bearish moves. There are numerous supports on the drawback close to the $145, $142 and $140 levels. All the more vitally, there is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.
In the event that there is a break underneath the pattern line, the price could test the $140 support territory. Any further misfortunes could start an all-inclusive drawback amendment beneath $138 and $136. To the topside, the $148 and $150 levels are solid obstructions for buyers in the short term.
Taking a look at the chart, Ethereum price is by all accounts confronting a large number of sellers around $150. In this way, there could be several swing moves above $140 before a crisp upward move. Above $150, the next resistance is around $155.