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 ETH Price

Ethereum Price Analysis

After trading as high as $153.00, there was a downside correction in Ethereum price. ETH traded below the $145.00 support level to enter a short term bearish zone.

Ethereum Price Analysis ETH ChartClick to Enlarge Chart

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.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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