Ethereum price tested the key $142.00 support area, where buyers emerged. ETH buyers remain in control and it seems like the price may climb higher towards the $148.00 and $150.00 levels.

  • Ethereum price remains well supported on the downside above $142.00.
  • Recently, there was a break above a bearish trend line with resistance at $143.50 on the 30-minute chart.
  • ETH climbed above the $145.00 level and it is trading with a positive bias.

Ethereum Price

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Ethereum Price Analysis

After a strong upward move towards the $150.00 level, Ethereum price started a downside correction. ETH declined below the $147.50 and $144.60 support levels. The price tested the $142.00 support level, where buyers protected further declines.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair spiked below the $142.00 support level, but it quickly recovered above the $142.75 level. There was a break above the 23.6% Fib retracement level of the last slide from the $149.17 high to $142.03 swing low.

Moreover, there was a break above a bearish trend line with resistance at $143.50 on the same chart. Finally, the price settled above the $144.00 level and the 25 simple moving average (30-min).

The price traded close to the 50% Fib retracement level of the last slide from the $149.17 high to $142.03 swing low. It is currently consolidating above the $144.60 support level. On the upside, a break above the $145.60 and $147.50 resistances may open the doors for more gains towards $150.00.

On the flip side, if there is a fresh downside correction, the price might find bids near the $144.60 and $144.00 levels. Besides, the 25 simple moving average (30-min) is positioned near the $143.75 level to act as a support.

The main barrier for sellers is near the $142.00 level, below which there is a risk of an extended drop towards the $140.00 support level.

Overall, the current market sentiment is positive for bitcoin, Ethereum, ripple, stellar, litecoin, bitcoin cash, EOS and other cryptocurrencies. ETH may consolidate or dip a few points, but it is likely to climb above $145.75 as long as it is above the $142.00 support.

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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