Ethereum Smashes Resistance, Reasons Why ETH Could Rally 10%

Ethereum gaining bullish momentum above key hurdles versus the US Dollar, similar to bitcoin. ETH price is likely to accelerate higher towards $145 and $150 in the near term.

  • Ether price is rising steadily and trading above the $135 resistance against the US Dollar.
  • BTC is also showing a lot of positive signs above the $7,400 resistance area.
  • There is a key bullish trend line forming with support near $134 on the hourly chart of ETH/USD (data feed via Kraken).
  • ETH remains well bid above $130 and it seems to be aiming a 10% rise in the coming days.

Ethereum Price Rising Steadily

In the past few sessions, there were mostly bullish moves in Ethereum above the $130 resistance against the US Dollar. Moreover, ETH surged above the $135 resistance and settled above the 100 hourly simple moving average.

It opened the doors for more gains and the price traded above the $138 swing high. The price is now trading near the 1.236 Fib extension level of the recent decline from the $138 high to $133 low.

The current price action suggests that the bulls are aiming an upside break above the $140 and $142 resistance levels. Once bitcoin climbs above the $7,580 and $7,600 resistance levels, Ethereum might follow and climb above $142.

An intermediate resistance could be $141 or the 1.618 Fib extension level of the recent decline from the $138 high to $133 low. A successful close above the $142 resistance may perhaps set the pace for an upside continuation towards the $150 barrier.

Dips In ETH Remain Supported

Conversely, there could be short term downsides in ETH if the price fails to climb above the $142 resistance. In the mentioned case, the bulls are likely to protect downsides near the $135 and $134 levels.

Additionally, there is a key bullish trend line forming with support near $134 on the hourly chart of ETH/USD. Should the price fail to stay above the trend line, it could correct further towards the $130 support level in the near term.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly gaining bullish momentum above the $130 and $135 resistance levels. Thus, there are high chances of a sustained upward move above the $140 and $142 resistance levels in the coming days. The main target for the bulls this week could be $150.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently rising towards the 70 level.

Major Support Level – $134

Major Resistance Level – $142

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Source: Newsbtc

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