Support Level – $142
Resistance Level – $150
- Ethereum price is trading over the $140 and $142 support levels against the US Dollar.
- The price is confronting a solid resistance close to $150.
- There is a bullish pattern line formed with support at $143 on the hourly chart of ETH/USD.
- The pair must remain over the $140 support to clear the $150 resistance in the short term.
Ethereum price is likely preparing for the next bullish move against the US Dollar and bitcoin. ETH/USD could struggle between $140 and $150 for a short period, however, it there is a good probability of it breaking the $150 resistance zone soon.
Ethereum Price Analysis
Ethereum price started trading higher towards the $148 and $150 resistances against the US Dollar. ETH/USD pair was not able to break the $148 resistance a couple of times. This resulted in Ethereum price dropping beneath $144 level. The price traded near $142 support, where buying pressure increased. The price later rectified higher above $144.
Right now, the $145-146 zone is acting as a weak resistance. A new close over the $148 level is required for buyers to pick up strength. All the more imperatively, buyers need to effectively break $150 to begin another upward wave. The next major resistance is around $155.
Good support for Ethereum price is formed around $144. There is a bullish pattern line formed with support at $143 on the hourly chart of ETH/USD. The primary supports are around $142 and $140 levels. A drawback break underneath the $140 support could open the entryways for a sharp decrease in the coming time. It is quite essential for the buyers to maintain the $140 support for Ethereum price to rise further and break $150.
Taking a look at the chart, ETH price is currently trading over the 142 support level. There are a couple of bearish patterns forming on the chart which are predicting a pullback beneath $140.