Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

Ethereum is still facing strong resistance near the $ 142 and $ 144 levels against the dollar. A successful conclusion above USD 144 could lead to a sharp rise in the ETH price in the short term.

  • Ethereum is struggling to achieve bullish momentum above the $ 142 zone against the US dollar zone.
  • The price is currently trading well above the USD 135 support and the simple moving average of 100 hours.
  • An important bearish channel is forming on the hourly chart of ETH / USD (data feed about octopuses) with resistance close to USD 142.
  • The bulls are likely to make another attempt to overcome the $ 142 and $ 144 resistance levels.

Ethereum price trading in a positive zone

Yesterday, we discussed the importance of $ 142 and $ 144 resistance levels for Ethereum against the US dollar. Recently, the ETH Prize made another attempt to overcome the $ 142 hurdle, but it failed.

A swing high is forming near USD 142 and the price is currently correcting profits. It was trading below the Fib retracement level of 23.6% of the recent surge from the low of $ 133 to the high of $ 142.

It looks like an important waning channel is forming, with an hourly resistance at $ 142 diagram the ETH / USD. Initial support is near the $ 138 level. The first major support is seen near the $ 136 level. It is close to the 50% fib retracement level of the recent surge from the low of $ 133 to the high of $ 142.

Ethereum price

Ethereum price

The main support is now near the $ 135 level and the simple 100-hour moving average. Further losses could put Ethereum bulls under pressure and the price could drop below USD 132. The next big support is near the $ 125 level.

Upside break?

On the upside, the first major hurdle for Ethereum is near the $ 142 level. The main hurdle is now near the $ 144 level. A successful break above the channel resistance of $ 142 and $ 144 is required to start a strong surge in the short term.

In the given scenario, the price should accelerate towards resistance levels of $ 150 and $ 155. Further gains could push the price up to $ 165 in the coming days.

Technical indicators

Hourly MACD – – The MACD for ETH / USD is now gaining momentum in the bullish zone.

Hourly RSI – – The RSI for ETH / USD is currently well above the 50 level with a positive trend.

Main support level – $ 135

Major resistance level – $ 144

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Disclaimer: 76.4% of retail CFD accounts lose money.



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