Ethereum price climbed further and broke the $146.00 and $150.00 resistance levels. ETH/USD traded close to the $154.00 level and it is currently correcting lower towards the $144.00 support.
- Ethereum price remained in an uptrend and recently broke the $150.00 resistance.
- ETH/USD is following a solid bullish trend line with support at $147.00 on the 30-minute chart.
- The price could correct lower in the short term, but declines could be limited near $145.00.
Ethereum Price Analysis
The past few days were excellent for Ethereum price as it broke key resistances near $130.00 and $140.00. ETH even broke the $150.00 resistance area recently and dragged bitcoin, EOS, litecoin and ripple into the bullish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair settled above the $138.00 and $140.00 resistance levels. Later, there was a fresh rally and the price surpassed the $146.00 and $150.00 resistance levels. It traded close to the $154.00 level and a new monthly high was formed at $153.78.
At present, the price is correcting lower below the $152.00 level and the 23.6% Fib retracement level of the recent leg from the $139.30 low to $153.78 high. However, there are many supports near $158.00, $157.00, and the 25 simple moving average (30-min).
Moreover, there is a solid bullish trend line in place with support at $147.00 on the same chart. The current price action is slightly bearish, suggesting a break below the trend line and $146.00.
The next key support is near the $145.00 level and the 61.8% Fib retracement level of the recent leg from the $139.30 low to $153.78 high. The key pivot level could be $142.00 and the 76.6% Fib retracement level of the same leg.
Should ETH trade below the $142.00 support, it could decline towards the $138.00 and $136.00 levels. On the other hand, if Ethereum price stays above the $145.00 support, there are high chances of a fresh rally above the $152.00 and $155.00 resistances in the coming sessions. The next major resistance is near the $162.00-163.00 area.
The market data is provided by TradingView, Bitfinex.