A Strong Uptrend Forming For Ethereum, Here Are Key Bullish Targets

Ethereum is up around 5% and trading above key hurdles near $140 versus the US Dollar. Bitcoin and ripple surged 5% and 12% respectively, opening the doors for another increase in ETH.

  • Ether price is now trading above the key $140 and $142 resistance levels against the US Dollar.
  • BTC rallied recently and tested the $8,000 resistance area.
  • There is a major bullish trend line forming with support near $138 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH seems to be eyeing more upsides above the $145 resistance area.

Ethereum Price Could Test $150

This week, there were strong gains in Ethereum above the $135 resistance against the US Dollar. Moreover, both bitcoin and ripple started a strong surge in the past few sessions and rallied above $7,800 and $0.2150 respectively.

ETH remained in a positive territory and gained pace above the $138 resistance area. Recently, there was a successful break above the $140 resistance, plus a close above the 100 hourly simple moving average.

A new 2020 high is formed near the $145 level and the price is currently consolidating gains. An initial support is near the $143 level, and the 23.6% Fib retracement level of the recent wave from the $139 swing low to $145 high.

On the upside, Ethereum seems to be preparing for an upside break above the $145 resistance. If the bulls gain momentum above the $145 resistance, they could easily push the price towards the $150 resistance.

The next key resistance above $150 is near the $158 level (Nov 2019 resistance zone). A clear break above the $158 hurdle might set the tone for a push towards $167.

Buy Dips In ETH?

In the short term, there could be a downside correction in ETH below $143. However, the $142 level might provide support. The main support area is near the $140 level.

Besides, there is a major bullish trend line forming with support near $138 on the hourly chart of ETH/USD. If there is a dip towards the trend line or $140, the bulls are likely to protect any further losses.

Ethereum

Ethereum Price

Looking at the chart, Ethereum price is rising steadily and the recent upward move could gain pace above the $145 resistance levels. The next bullish targets may be $150 and $157. Conversely, a close below the $138 level might start a substantial correction.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 60 level.

Major Support Level – $140

Major Resistance Level – $145

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Source: Newsbtc

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