Over the past few days, we can see that the ETH news post nothing but gains. The largest altcoin of all has managed to jump from $130 to a current price of $144 and could soon visit higher levels. At the time of writing, Ethereum is gearing for another spike to $155 and moved into a bullish zone, resulting in more upsides above the $140 resistance.
The price of ETH rallied more than 5% and broke the $142 resistance level. This upward move was such that the price climbed above the $145 level and settled well above its 100 hourly simple moving average. After that, Ethereum tested the next major resistance near the $150 level and recently corrected lower. We could also see a break below the 23.6% Fib retracement level of the recent surge from the $129 low to the $150 high.
Ethereum is gearing for a new run and the price declined below the $142 level a while ago, but the $140 area acted as strong support. Besides, the 50% Fib retracement level of the recent surge from the $129 low to the $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 the ETH/USD pair. An intermediate support is the $135 level and the 100 hourly simple moving average now, the cryptocurrency news show.
All in all, the ETH 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 $143 and $144 could open the doors for another increase. Therefore, the next stop for the bulls could be near the 0 level, above which Ethereum will be ready to test the 5 level as its current high resistance point.
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If ETH fails to stay above the $140 support area, it is very likely to find stronger support near $135 and the 100 hourly SMA. Any further losses triggered by the coin may perhaps put pressure on the bulls and make ETH fail, going back to $130. However, Ethereum is gearing for a new bullish run and the technicals are as following:
- Hourly MACD – The MACD for ETH/USD is ready to move to the bullish zone.
- Hourly RSI – The RSI for ETH/USD is right now comfortable above the 50 level.
- Major Support Level – $140
- Major Resistance Level – $144
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