ETH Price Tests $150 Resistance, Prepares For Another Rally

The ETH price tests the $150 resistance level and it is currently above the $135 and $140 resistance levels against the USD. The ethereum price is now well supported and it could even rise towards $155 so let’s check the ethereum price analysis news below.

The ETH price tests the $150 resistance and it corrected lower towards $140. There is another major bullish trend line that is forming close to the $132 on the hourly charts of the pair while it seems to be eyeing another bullish wave towards $150. There was another crucial bullish break above the $135 resistance for Ethereum against the USD and the price entered into a bullish zone which led to more upsides.  The price rallied by 5 percent and surpassed the $142 level but it couldn’t go over immediately to $140 so it settled above the 100 hourly simple moving average.

Ethereum tested the major resistance level close to the $150 level and it corrected lower. There was another break below the 23.6% fib retracement level from the previous surge of $219 and $150 high. The price dropped below the $142 level but the $140 level was strong support for the coin. The recent level came from the $129 low to $150 high and the 50% fib retracement also acts as a support.

There is another major bullish trend line that is forming at the support of $132 on the hourly charts of ETH/USD. The immediate support is close at $135 level and the 100 hourly simple moving average. The clear break below the $132 level could lead the price to the $130 support while the 50% fib retracement level from the previous rise from the $124 low to the $135 high which is also close to the $130 level. The price looks like it is preparing for another move and is trading into the contracting triangle with a $143 level resistance. The break above these levels will lead the price to another increase. The next bull stop could be somewhere around the $150 level above which the price will test the $155 level in the short term.

If the Ethereum price struggles to stay above the $140 support area, it will likely find strong support close to the $135 level and the 100 hourly SMA. Further losses for ETH could put a lot of pressure on the bulls and the price will test the trend line of the lower 0 support zone.
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