ETH Is Ready For A Price Rally, With One Small Problem

ETH is ready for a price rally but it is still having a hard time facing the resistance close to the $142 level against the US dollar. The move above $144 could start a strong increase in the ETH price in the short term as we are reading in the Ethereum news today.

Ethereum is having a hard time gaining bullish momentum above the $142 zone and the price is now trading back above the $135 support and the 100 hourly simple moving average. There is another declining channel forming with the resistance close to the $142 on the hourly charts of ETH/USD and the bulls are expected to make another attempt to clear the $142 resistance level.

We already talked about the major importance of the $142 and $144 resistance levels for the Ethereum price and now the ETH price made another attempt in clearing the $142 hurdle but it failed. ETH is ready for a price rally since a swing high formed the $142 and the price started correcting gains. It then traded below the 23% fib retracement level from the recent increase of 3 and 2.
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It seems that there is a key declining channel that is forming with resistance close to the $142 level on the charts for the ETH/USD pair. The initial support on the downside is close to the $138 level and the first major support is seen close to the $136 level. It is even closer to the 50% fib retracement level of the recent increase from the $133 low to $142 high. The major support for Ethereum is now forming close to the $135 level and the 100 hourly simple moving average. If more losses occur, there could be a lot of pressure on the Ethereum bulls which will only tank the price below $132. The next major support is awaited at $125.

On the upside, the first major problem for Ethereum is the $142 level but now it is at the $144 level. The break above the channel resistance $142 and $144 has to start a strong increase in the upcoming period. The Ethereum price is also likely to increase higher to the $150 range or with more gains to the $165 level in the coming days.