Ethereum Price Weekly Analysis: ETH Preparing For Larger Breakout
- ETH price continues to face a strong resistance just below the $140 level against the US Dollar.
- The price dipped sharply recently, but it recovered above the $134 support level.
- There is a key bullish trend line forming with support at $132 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains supported on dips and it could still break the $140 resistance area in the near term.
Ethereum price is facing many hurdles versus the US Dollar and Bitcoin. ETH/USD’s recent decline was brought back and it seems like buyers could be preparing for a larger rally.
Ethereum Price Analysis
This past week, there were mostly swing moves within a range below the $140 resistance in ETH price against the US Dollar. The ETH/USD pair made many attempts to clear the $140 resistance area, but it failed to gain pace. Recently, there was a sharp bearish reaction below the $134 support level. The price declined heavily and broke the $132 support along with the 100 simple moving average (4-hours). However, the price found a strong support near the $130 level and later bounced back sharply.
It climbed above the $134 support and the 100 simple moving average (4-hours). It even traded above the $136 level, but sellers protected the $138 level. The price is currently ranging below the $138 and $140 resistance levels. It broke the 23.6% Fib retracement level of the last wave from the $130 low to $138 high. However, there are many supports near the $134 level and the 100 simple moving average (4-hours).
There is also a key bullish trend line forming with support at $132 on the 4-hours chart of ETH/USD. The 50% Fib retracement level of the last wave from the $130 low to $138 high is also near the $134 level to act as a solid support. Therefore, there are many supports near the $134 and $132 levels. On the upside, the price has to clear the $138 and $140 resistance levels to climb further higher.
The above chart indicates that ETH price is placed nicely above the $132 and $134 supports levels. Having said that, a break above the $140 barrier won’t be easy. If buyers remain in action for a long time, they could sight a larger rally above the $140 resistance. In the mentioned case, the price may surge above the $145 and $150 resistance levels in the coming days.
4 hours MACD – The MACD for ETH/USD is about to move back in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently flat, but it is placed nicely above the 50 level.
Major Support Level – $132
Major Resistance Level – $140