ETH Price Bumps Into $133 With A Solid Drive Behind It

The Ethereum news today show that ETH bumps into $133 as it is still struggling to clear the main $135 resistance area against the US dollar. The ETH price now must break the $135 hurdle in order to start a strong rally in the coming sessions.

Yesterday, we saw a decent rise in the ETH price which brought it above the $130 resistance area against the US dollar. The Ethereum movement allowed the token to gain pace above the $132 level and the 100 hourly simple moving average.

However, the price struggled to gain strength above the main $135 resistance area agains the USD pair. The bulls made more than two attempts to clear the $135 barrier, but failed in doing that. A swing high is formed near $135 now and the price of ETH is currently correcting lower.

As the ETH price bumps into $133, we can see a break below a connecting bullish trend line with support near $133 at the hourly chart of the ETH/USD pair. The largest altcoin out there even traded below the 23.6% Fib retracement level and is among the best tokens in the latest cryptocurrencies news – moving from $124 as its low to $135 as its high.

The price is currently finding itself between the $133 and $135 levels and the 100 hourly SMA. If there are more downsides, the price could test the $130 support level. The 50% Fib retracement level of the upward move from $124 to $135 is also near the $130 zone to act as a strong support. Any further losses may also start a substantial decline towards $124.

A successful close above $135 and a new bump into $140 could open the gates for new surges in the coming sessions for the ETH price. This is why the analysts place the next key resistance at $142, above which the bulls are likely to aim a test of the $150 level. Any further losses on the other hand, may start a substantial decline towards $124.

Below are the current technical indicators for ETH and the coin’s latest performance:

• Hourly MACD – The MACD for ETH/USD is ready to move back to the bullish zone.
• Hourly RSI – The RSI for ETH/USD is currently near the 50 level, showing a positive momentum.
• Major Support Level – $130
• Major Resistance Level – $135