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Ethereum (ETH) Setting For Breakout or Further Decline?
Ethereum is holding the key $145 support area and recovering against the US Dollar.The price is currently facing a strong resistance near the $152 area.Earlier, there was a break above a major bearish trend line with resistance near $150 on the hourly chart of ETH/USD (data feed via Kraken).The price remains well bid, but it might struggle to climb further above $152 and $155.Ethereum price is facing an uphill task versus the US Dollar and Ethereum PriceLooking at the chart, Ethereum price is showing a few bearish signs below the $152 and $155 resistance levels. Having said that, the price must clear the $158 hurdle to move into a medium term uptrend. If not, it may perhaps resume its decline below the $145 and $140 levels.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing gaining pace in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently above the 50 level and it could decline again.Major Support Level – $146Major Resistance Level – $152
Author: Aayush Jindal
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