Ethereum price rallied recently and climbed more than 10% above $135.00. ETH/USD is placed in a strong uptrend and it seems like bulls are eyeing a test of the $150.00 resistance.
- Ethereum price surged higher and broke the $128.00 and $135.00 resistance levels.
- ETH/USD is placed nicely above a key bullish trend line with support at $136.00 on the 30-minute chart.
- The price could extend gains above the $142.00 level and climb towards the $150.00 resistance.
Ethereum Price Analysis
In the past few hours, Ethereum price gained a strong bullish momentum after it broke the $126.00 and $128.00 resistance levels. ETH outpaced bitcoin, ripple, litecoin, EOS and other cryptocurrencies to post more than 10% gains.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair rallied significantly after there was a clear break above the $128.00 and $130.00 resistance levels. The price even settled above the $132.00 level and the 25 simple moving average (30-min).
Buyers gained strength above the $135.00 and $140.00 resistance levels. A new monthly high was formed at $142.59 and the price is currently placed above the $140.00 level.
An initial support on the downside is $138.80 and the 23.6% Fib retracement level of the recent move from the $126.66 low to $142.59 high. However, the main support is near the $136.00 and $135.00 levels (the previous resistances).
Moreover, there is a key bullish trend line in place with support at $136.00 on the same chart. Besides, the 50% Fib retracement level of the recent move from the $126.66 low to $142.59 high is close to the $135.00 level.
Therefore, if there is a short term downside correction, buyers are likely to defend the $136.00 and $135.00 support levels. On the upside, an initial resistance is near the $142.50 level, above which the price may struggle near $145.00 and a connecting resistance trend line.
The main target for buyers could be $150.00, where Ethereum price is likely to face a strong selling interest. Overall, the current trend is super strong and it seems like ETH might continue to rise towards $145.00 and $150.00 in the near term.
The market data is provided by TradingView, Bitfinex.