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Ethereum Price Analysis: ETH Turning Bullish, Targets Fresh Weekly Highs
ETH price gained traction and surpassed the key $138 resistance level against the US Dollar.The price formed a strong support near the $136 level before climbing above $138.This week’s major bearish trend line was breached with resistance near $138 on the hourly chart of ETH/USD (data feed via Kraken).The pair is now trading nicely above the trend line and eyeing more gains above $140 and $142.Ethereum price slowly moved above key resistances against the US Dollar and bitcoin. ETH could continue to move higher towards the $145 resistance as long as it is above $138.Ethereum Price AnalysisAfter a brief consolidation, ETH price formed a strong support near the $135 and $136 levels against the US Dollar. The ETH/USD pair slowly moved higher and broke a few important resistances near the $138 level. There was even a close above the $138 level and the 100 hourly simple moving average. This is a positive sign and has opened the doors for more gains above the $142 and $144 levels. More importantly, bitcoin price already climbed higher, challenging the $4,050 resistance, and it may continue to rise in the near term.Therefore, it could help ETH, XRP, and other cryptocurrencies. During the recent upside, this week’s major bearish trend line was breached with resistance near $138 on the hourly chart of ETH/USD. There was a break above the 50% Fib retracement level of the last decline from the $142 swing high to $135 low. The price traded close to the $140 level and later corrected lower. It traded below the 23.6% Fib retracement level of the recent wave from the $135 low to $140 high.However, the $138 level and the 100 hourly SMA acted as a strong support. Besides, the 50% Fib retracement level of the recent wave from the $135 low to $140 high acted as a support. The current price action suggests that the price is well supported above $138 and it may continue to rise. An immediate resistance is at $140, above which the price could break the $142 level.Looking at the chart, ETH price is trading in a positive zone above the $138 level. If buyers remain in action, the price may even challenge the $145 resistance level. On the downside, if there is a break below the $138 support, the price may revisit the $136 support. The main support is near the $135 level.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently gaining traction in the bullish zone.Hourly RSI – The RSI for ETH/USD climbed above the 50 level and it is currently near the 55 level.Major Support Level – $138Major Resistance Level – $142
Author: Aayush Jindal
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