Ethereum price gained traction towards the $150.00 level and later corrected lower. ETH/USD is currently trading in a range and it seems to be preparing for an upside break.
- Ethereum price is trading nicely above the $132.00 and $135.00 support levels.
- ETH/USD is trading in a crucial range above the $132.00 support on the 30-minute chart.
- The price must break the $145.00 and $150.00 resistance levels to gain bullish momentum.
Ethereum Price Analysis
Looking at the 30-minute chart of ETH/USD, the pair even traded below the $140.00 support and the 25 simple moving average (30-min). Sellers pushed the price below the 23.6% Fib retracement level of the last wave from the $116.30 low to $153.00 high.
However, the decline was protected by the $132.00-134.00 support area. There were many attempts by sellers to push the price below the $132.00 swing low, but they failed. More importantly, there was no close below the 50% Fib retracement level of the last wave from the $116.30 low to $153.00 high.
The price is currently moving higher and it is trading near the $145.00 resistance level. The current price action is positive and it seems like there is a crucial range formed above the $132.00 support on the same chart.
If there is an upside break above the $145.00 resistance, the price may even clear the $150.00 barrier. A successful close above the $150.00 resistance may open the doors for a push towards the $160.00 and $165.00 levels.
On the other hand, if buyers fail to gain pace above the $145.00 resistance, the price may drop back towards the $135.00 and $132.00 support levels. Below this last, sellers are likely to take control and the price could accelerate losses towards the $120.00 support.
Therefore, it seems like Ethereum price is approaching a major break either above $150.00 or below $132.00 in the coming sessions.
The market data is provided by TradingView, Bitfinex.