Technical Indicators:
Support Levels: $143, $140
Resistance Levels: $146, $150
Key Points:
- Ethereum price broke through $140 resistance level and became bullish.
- With the upward momentum, ETH even broke through the $144 resistance and tested the $146 resistance level before starting to correct downwards.
- A bullish pattern line is formed with resistance with support around $142 and $143 on the hourly chart.
- If Ethereum faces a downward momentum, the support around $140 might prove strong enough to stop losses.
Ethereum Price Analysis:
Summary: Ethereum price is currently in a bullish momentum after breaking through $140 resistance. ETH is currently well supported above $140 and moving towards $150 resistance.
As we discussed yesterday, EThereum price gained bullish momentum after breaking through the $139 and $140 resistance levels. ETH corrected downwards at first, however, with support at $137, Ethereum price spiked upwards over $144 and $145 resistance levels. ETH went up to $146 before starting the downward correction.
Currently, ETH price is correcting downwards and might test $140 support level and the 100 hourly SMA soon, however, this support is strong enough to hold the gains for now. If the selling pressure increases, the support might be broken, and Ethereum might turn bearish. However, the current situation is quite bullish and Ethereum price might test the $150 resistance soon if the buyers remain in action.
There is a bullish pattern line being formed with support around $142 and $143 on the hourly chart. The current resistance lies at $146 and then $150.
The chart shows that ETH price is currently in a bullish momentum above $140 support level. If buyers are able to move the price above $146 resistance, Ethereum might test $150 level. However, currently, ETH is correcting downwards and might test $140 support level below which the momentum might turn bearish.
