Ethereum price rallied recently above the $133.65 and $137.50 resistance levels. ETH/USD is back in a positive zone and it could accelerate higher towards the $145.00 and $150.00 resistances.
- Ethereum price surged higher after it broke the key $127.65 and $133.65 resistances.
- ETH/USD is now following a bullish trend line with support at $137.00 on the 30-minute chart.
- The price could extend gains above $142.00 as long as it is trading above the $133.65 support.
Ethereum Price Analysis
The past two sessions changed the crypto market sentiment, with bullish moves in bitcoin, Ethereum, ripple, binance coin, EOS, litecoin, XLM and other altcoins. ETH/USD gained bullish momentum after it broke the key $127.65 and $133.65 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair started a solid upward move after it formed a support base near the $127.65 level. Buyers gained control and the price rallied above the $133.65 and $137.65 resistance levels.
There was even a close above the $135.20 pivot level and the 25 simple moving average (30-min). Finally, the price spiked above the $140.00 resistance and a new weekly high was formed at $142.71 before the price started a short term correction.
It traded below the $140.00 level and the 23.6% Fib retracement level of the latest wave from the $130.45 low to $142.71 high. However, the price found a strong support near the $136.00 and $137.65 levels.
At the outset, the price is following a bullish trend line with support at $137.00 on the same chart. There is also a short term breakout pattern formed, with resistance at $140.00. If there is an upside break above $140.00, the price is likely to climb further above the $142.71 high.
The next key resistance is at $145.00, above which the price could rally towards the $150.00 barrier. On the other hand, if Ethereum price corrects further, it could test the $135.20 support and the 61.8% Fib retracement level of the latest wave from the $130.45 low to $142.71 high. As long as ETH is above the $133.65 support, there are chances of more upsides above $140.00.
The market data is provided by TradingView, Bitfinex.