Ethereum Price Analysis: ETH Up 15%, Rally Could Extend Above $150
- ETH price surged higher recently and broke the $130 and $140 resistance levels against the US Dollar.
- There is a crucial bullish trend line in place with support at $138 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently trading near $148 and it could rally above the $150 level in the near term.
Ethereum price gained a lot of bullish momentum against the US Dollar and bitcoin. ETH/USD broke $145 and now it could rally above $150 and $155.
Ethereum Price Analysis
In the weekly analysis, we discussed the chances of ETH price hitting the $140 mark against the US Dollar. The ETH/USD pair did break the $125 and $130 resistance levels. It even broke the $140 barrier and placed itself well above the 100 hourly simple moving average. The price recently traded close to the $150 level and it is currently consolidating gains.
An initial support is near $144 and the 23.6% Fib retracement level of the recent wave from the $125 low to $149 high. However, the main support is near the $135-136 zone. Moreover, there is a crucial bullish trend line in place with support at $138 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the $125 low to $149 high. Therefore, if there is a downside correction, the price is likely to find bids near $144, $140 or $135. On the upside, an initial resistance is near the $150 level, above which the price could rally past $155.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently placed in the overbought zone with no bearish angle.
Major Support Level – $135
Major Resistance Level – $150