Technical Indicators:
Support Level: $135
Resistance Level: $140
Key Points:
- After a significant rise, ETH price corrected lower but the support around $134 was strong enough to stop further losses.
- The strong support pushed the price upwards and ETH is currently testing the $140 resistance level.
- ETH price will most probably break the current resistance soon and test the next resistance at around $145.
ETH price is currently in a bullish zone against both bitcoin as well as USD. Ethereum will most probably break the critical resistance at $140 to record a new monthly high.
ETH Price Analysis
Ethereum price recently started climbing upwards with full force after it broke the $130 resistance level. ETH price moved into the bullish zone once it was able to close above $134 and the 100 hourly SMA after breaking the $134 resistance level. Critical resistance is formed around $140 which is needed to be broken in order for Ethereum to rise further. ETH price even tested the $140 support yesterday but the selling pressure was high which pushed the price downwards.
The support at $135 was able to stop the declining force and push the price upwards. Currently, ETH price is trading well above this support level and will most probably test the $140 resistance again. If Ethereum is able to break this resistance and close over the $140 range, it will soon test the next resistance at $145 and $150 to record a new monthly high. However, if ETH price moves downwards and breaks the current support, the next support lies at $130.
The chart shows that Ethereum price is surely in a bullish zone above $135 support level. Once it breaks the $140 resistance and is able to close above this range and record a new monthly high, there may be a more significant bull run and Ethereum could test $150 resistance.
