- Ethereum is up more than 5% and it broke the $130 and $132 resistance levels against the US Dollar.
- The price is currently consolidating near the $135 level, with a positive bias.
- There is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin also surged above $7,300, but it was rejected near the $7,500 barrier.
Ethereum price is up more than 5% versus the US Dollar and bitcoin. ETH price is showing positive signs and it could continue to rise towards $144.
Ethereum Price Analysis
After finding strong bids near the $122 support, Ethereum price started a nice upward move against the US Dollar. ETH price gained bullish momentum above the $130 resistance to set the pace for more upsides (as discussed in the weekly forecast).
Moreover, there was a break above the $135 resistance and a close above the 100 hourly simple moving average. Finally, the price spiked towards $138 before it started a downside correction.
A high is formed near $138 and the price is now trading below the 23.6% Fib retracement level of the recent rally from the $127 low to $138 high.
On the downside, there are many supports for Ethereum near the $132 and $130 levels. Besides, the 50% Fib retracement level of the recent rally from the $127 low to $138 high is near the $132 level.
More importantly, there is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD. Additionally, the $130 level is a strong support along with the 100 hourly simple moving average.
Therefore, a successful close below the $130 support might start a fresh decline. On the upside, an initial resistance is near the $137-$138 area.
If there is a break above the $138 high, the price is likely to accelerate higher. The next major resistance is near the $144 level, above which the price will most likely climb towards the $150 resistance area.
Looking at the chart, Ethereum price is clearly trading nicely in an uptrend above the $130 and $132 resistance levels. Thus, there are high chances of more gains above the $138 and $140 levels. Conversely, bitcoin price was rejected near $7,500 and it is currently consolidating near the $7,300 support area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 55 level.
Major Support Level – $132
Major Resistance Level – $138