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Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

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Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

Ethereum is still facing a strong resistance near the $142 and $144 levels against the US Dollar. A successful close above $144 could start a strong increase in ETH price in the near term.Ethereum is struggling to gain bullish momentum above the $142 zone against the US Dollar.The price is currently trading nicely above the $135 support and the 100 hourly simple moving average.There is a key declining channel forming with resistance near $142 on the hourly chart of ETH/USD (data feed via Kraken).The bulls are likely to make another attempt to clear the $142 and $144 resistance levels.Ethereum Price Trading in a Positive ZoneYesterday, we discussed the importance of the Ethereum PriceThe main support is now forming near the $135 level and the 100 hourly simple moving average. Any further losses may perhaps put a lot of pressure on Ethereum bulls and the price could decline below $132. The next major support is near the $125 level.Upside Break?On the upside, the first major hurdle for Ethereum is near the $142 level. The main hurdle is now near the $144 level. A successful break above the channel resistance, $142, and $144 is needed to start a strong increase in the near term.In the stated scenario, the price is likely to accelerate higher towards the $150 and $155 resistance levels. Any further gains could lead the price towards the $165 level in the coming days.Technical IndicatorsHourly MACD The MACD for ETH/USD is now gaining momentum in the bullish zone.Hourly RSI The RSI for ETH/USD is currently well above the 50 level, with a positive bias.Major Support Level – $135Major Resistance Level – $144Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Author: Aayush Jindal

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