Crypto News

Ethereum Gearing For Another Lift-Off to $155: Rally Isn’t Over Yet

Ethereum rallied recently above the $135 and $140 resistance levels against the US Dollar. ETH price remains well supported and it could rise again towards $150 and $155.

Ethereum is showing a lot of positive sign and it is trading above $140 against the US Dollar.
The price tested the $150 resistance and corrected lower towards $140.
There is a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD (data feed via Kraken).
The pair seems to be eyeing another bullish wave towards the $150 and $155 levels in the near term.

Ethereum Price Breaks Key Hurdle
Yesterday, we saw a crucial bullish break above the $135 resistance for Ethereum against the US Dollar. ETH price moved into a bullish zone, resulting in more upsides above the $140 resistance.
The price rallied more than 5% and broke the $142 resistance level. The upward move was such that the price climbed above the $145 level and settled well above the 100 hourly simple moving average.
Ethereum tested the next major resistance near the $150 level and recently corrected lower. There was a break below the 23.6% Fib retracement level of the recent surge from the $129 low to $150 high.
The price declined below the $142 level, but the $140 area acted as a strong support. Besides, the 50% Fib retracement level of the recent surge from the $129 low to $150 high is also acting as a decent support.
There is also a major bullish trend line forming with support near $132 on the hourly chart of ETH/USD. An intermediate support is the $135 level and the 100 hourly simple moving average.
Ethereum Price
At the outset, the price seems to be preparing for the next move and trading inside a contracting triangle with resistance near the $143 level. A successful break above the $143 and $144 levels could open the doors for another increase.
The next stop for the bulls could be near the $150 level, above which the price is likely to test the $155 level in the near term.
Limited Downsides
If Ethereum fails to stay above the $140 support area, it is likely to find a strong support near the $135 level and the 100 hourly SMA.
Any further losses may perhaps put pressure on the bulls and the price is likely to test the trend line or the $130 support area.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $140
Major Resistance Level – $144
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Correction Inevitable? Bitcoin Paints a ‘Shooting Star’ Pattern on Key Timeframes
The new weekly and monthly Bitcoin price candle kicked off with a powerful move to the upside, but yesterday...
Top Traders Debate Future of BTC After Bitcoin Price Drops to $8.6K
The price of Bitcoin abruptly dropped to $8,600 in less than five minutes on June 1, and top crypto...
New Quantum Model for BTC Predicts Bottom in 2021 Before 2022 Bull Run
New Bitcoin model based around quantum analysis predicts a potential BTC price drop as low as $2,000 before the...
Cardano (ADA) Recovers After Market-Wide Crash, But Crucial Metrics Spell Trouble
The last few days have been quite dramatic in the cryptocurrency industry, for Bitcoin to Cardano. On Monday, Bitcoin...
Retail Bitcoin Traders Repeatedly Shaken Out While Following Trends
Retail buyers helped push the price of Bitcoin back up toward $10,000 after the Black Thursday crash to below...
Scammer Spoofs SMS Identifier to Steal Funds From Bitcoin User
A Bitcoin exchange transaction resulted in a user getting scammed as a spoofed SMS message from a payment app...

Featured Crypto News

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next
Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared...
Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade
Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central...
Coinbase Now Supports Tezos Staking Rewards for UK and Some EU Users
Major crypto exchange Coinbase is rolling out Tezos staking rewards for users in the United Kingdom and three European...
Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...