Ethereum Bulls Hesitates But Upsurge Above $150 Is Looming

Ethereum rising steadily above the $142 and $145 resistance levels versus the US Dollar. Besides, bitcoin surged close to 5% above $8,400, opening the doors for an upside break in ETH above $150.

  • Ether price traded to a new 2020 high at $148 and it is currently consolidating against the US Dollar.
  • The price seems to be struggling to gain momentum above $148 and $150.
  • Yesterday’s highlighted important bullish trend line is intact with support near $142 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin rallied $400, tested the $8,450 area and it is currently correcting lower.

Ethereum Price Rising Steadily

In the past few sessions, there were steady gains in Ethereum above the $140 resistance against the US Dollar. Moreover, ETH price surpassed the $142 and $145 resistance levels.

Finally, the price traded to a new 2020 high at $148 and it is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $139 low to $148 high.

It seems like the price is finding support near the $145 level. The next key support is between $143 and $144. Besides, the 50% Fib retracement level of the upward move from the $139 low to $148 high is also near the $143.50 level.

More importantly, yesterday’s highlighted important bullish trend line is intact with support near $142 on the hourly chart of ETH/USD. Therefore, dips in Ethereum could find support near $143 and $142.

As long as the price is above the $142 support, the bulls are likely to push the price above the $148 and $150 resistance levels. The next major target for them could be the key $158 resistance area in the near term.

Important Buy Zones for ETH

If there is a downside break below the $142 support, the price could start a downside extension towards the $138 support area and the 100 hourly simple moving average.

The main support is near the $135 level, where the bulls are likely to take a stand. Any further losses may perhaps start a fresh decline towards the $128 support.

Ethereum Price ETH

Ethereum Price

Looking at the chart, Ethereum price is showing positive signs above the $142 support and the 100 hourly SMA. In the short term, there could be a minor dip, but the price is likely to bounce back and climb above $148 and $150.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is correcting lower towards the 50 level.

Major Support Level – $142

Major Resistance Level – $150

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Source: Newsbtc

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