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- ETH price gained strength above the $125 and $130 resistance levels against the US Dollar.
- There was a proper close above the $130 resistance level and the 100 hourly simple moving average.
- There is a key bullish trend line in place with support at $128 on the hourly chart of ETH/USD (data feed via Kraken).
- The price is likely to continue higher and the next targets for buyers could be $140 and $145.
Ethereum price is gaining strength above key levels against the US Dollar and bitcoin. ETH/USD is placed nicely above $130 and it could accelerate towards $145 in the near term.
Ethereum Price Analysis
In the past few sessions, there was a solid upward move from the $120 swing low in ETH price against the US Dollar. The ETH/USD pair gained strength and broke many important resistances such as $125 and $130. There was a proper close above the $130 resistance level and the 100 hourly simple moving average. Recently, there was a tiny bearish reaction from the $130 resistance, but the $124 level acted as a solid support. The price rallied and broke the $130 and $132 resistances. A new monthly high was formed near $135, with bullish moves.
After testing the $135 resistance, there was a minor downside correction. ETH dipped below the $133 level, but the $132 level acted as a support. Moreover, the 23.6% Fib retracement level of the recent wave from the $123 low to $135 high acted as a support. On the downside, there seems be a lot of supports forming near the $130 and $129 levels. Besides, the 50% Fib retracement level of the recent wave from the $123 low to $135 high is also near the $129 level.
More importantly, there is a key bullish trend line in place with support at $128 on the hourly chart of ETH/USD. Therefore, if the pair corrects lower in the short term, there could be a strong buying interest near the $129 and $130 levels.
Looking at the chart, ETH price is gaining strength above the $132 resistance levels. It will most likely break the $135 level and extend gains in the coming sessions. The next target for buyers could be $140, followed by the $145 pivot level. On the downside, the main support is near $130, below which the price may perhaps test the $125 support zone.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is placed heavily in the bullish zone, with a positive bias.
Hourly RSI – The RSI for ETH/USD is currently near the overbought levels, with no major correction signal.
Major Support Level – $132, followed by $130
Major Resistance Level – $135 and $140
