• Ethereum price is facing a few important resistances near $152 and $158 against the US Dollar.

  • ETH price is currently trading below $150, but also holding the $148 support area.

  • There is a major breakout pattern forming with support near $148 on the 4-hours chart (data feed from Coinbase).

  • The price could either rally above $152 or it might start a fresh decline towards $138.


Ethereum price is likely setting up for the next key break against the US Dollar. ETH/USD must climb above $150, $152 and $155 to start a strong recovery.


Ethereum Price Analysis


After a major drop in Ethereum, the $132 level acted as a decent support against the US Dollar. ETH traded as low as $132.10 and recently started an upside correction above the $140 zone.


Moreover, there was a break above the $150 level and the price spiked above the 55 simple moving average (4-hours). However, the bulls failed to clear the $158 and $160 resistance levels.


A high was formed near $158 and the price is currently trimming gains. It broke the 23.6% Fib retracement level of the upward move from the $132 low to $158 high. At the outset, the price is trading near the $148 support and the 55 simple moving average (4-hours).


Additionally, there is a major breakout pattern forming with support near $148 on the 4-hours chart. If there is a downside break below the $148 support, Ethereum is likely to resume its decline.


An immediate support is near the $144 level. Besides, the 50% Fib retracement level of the upward move from the $132 low to $158 high might act as a support.


If the bulls fail to protect $144, there is a risk of an extended decline towards the $138 support. It represents the 76.4% Fib retracement level of the upward move from the $132 low to $158 high.


The main support is near the $132 swing low, below which the price could decline towards $124. Conversely, the price could rally above the $150 and $152 resistance levels.


The first key resistance is near the $158 level, above which the price is likely to accelerate gains towards the $162 and $165 levels in the coming days.


Ethereum Price

Ethereum Price


Looking at the chart, Ethereum price seems to be preparing for the next key break and it could either rally above $152 or it might start a fresh decline towards $138.


Technical indicators


4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.


4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 50 level.


Key Support Levels – $144, followed by the $138 zone.


Key Resistance Levels – $152 and $158.


The post Ethereum Price Analysis: ETH Approaching Next Key Break appeared first on Live Bitcoin News.




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