Ethereum price rallied recently and spiked above the $150.00 resistance. ETH/USD is currently correcting lower, with a bearish angle below $145.00.

  • Ethereum price formed a high at $153.00 and later declined below the $145.00 support.
  • ETH/USD broke a short term triangle with support at $141.00 on the 30-minute chart.
  • The price is currently trading in a tight range between the $145.00 resistance and $136.00 support.

Ethereum ETH Price

Ethereum Price Analysis

Recently, there was a sharp bullish wave from the $117.56 swing low in Ethereum price. ETH traded above the $138.00, $142.00 and $145.00 resistance levels to set the pace for more gains.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair even spiked above the $150.00 resistance, but buyers failed to retain momentum. A high was formed at $153.00 and later the price started a downside correction.

It broke the $145.00 support and the 23.6% Fib retracement level of the last leg from the $117.56 low to $153.00 high. More importantly, the price broke a short term triangle with support at $141.00 on the same chart.

Finally, there was a break below the $140.00 support and the 25 simple moving average (30-min). The price tested the 50% Fib retracement level of the last leg from the $117.56 low to $153.00 high, where buyers emerged and protected losses.

At the outset, the price is trading in a tight range above the $136.00 support and below the $145.00 resistance. Therefore, the next break could be either above $145.00 or below $136.00 in the near term.

If there is a downside break below $136.00, the price may move back in a bearish zone. The next main support is at $125.00, which is the 76.4% Fib retracement level of the last leg. Below $125.00, the price could revisit the $117.50 swing low.

On the other hand, an upside break and close above $145.00 in Ethereum may well put buyers back in action. In the mentioned scenario, ETH is likely to break the $150.00 resistance and it could even test the $155.00 or $158.00 resistance.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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