Technical Indicators:
Support Level: $137
Resistance Level: $140
Key Points:
- As discussed yesterday, Ethereum price spiked upwards breaking the $134 resistance level.
- ETH was able to break and settle above the $136 resistance.
- Ethereum is trading close to the $140 resistance level and will likely try to break it in the near term.
Ethereum Price Analysis
Summary: Ethereum price started a bull rally breaking many resistances in between. The current resistance lies at $140 and $145 and ETH will most likely try to break these in the short term.
As discussed yesterday, the Ethereum price started to rise upwards by breaking the $134 resistance level. The momentum soon turned bullish as ETH spiked towards to $140 level. New support was formed at $133. The price was able to move and stay above the 100 hourly SMA and $134 level after which Ethereum gained momentum and started to test and break the next resistance.
ETH price was able to break through the $138 resistance level and is currently testing the $140 level. The resistance around $140 is quite strong and the price even corrected downwards after testing this level. However, on the downside, Ethereum is well supported and will most likely test the $140 resistance soon in order to move upwards towards $145 and $150 range.
The current support lies at $137 and if Ethereum price corrects downwards and breaks this support, the next support lies at $134 which was the previous resistance. If Ethereum is able to break the current resistance, it might soon test $145 and $150 resistance levels. The current momentum is quite bullish and a bull rally is being predicted in the near term.
The chart shows that ETH is currently trading in a bullish momentum above the $137 support level. It might face dips in between trying to move upwards, however, the overall forecast is bullish and Ethereum price might soon move above $140 range.
