HomeAltcoin NewsEthereum Price Analysis: ETH Eyeing Key Upside Break Above $140

Ethereum Price Analysis: ETH Eyeing Key Upside Break Above $140

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  • Ethereum price is gaining traction above the $120 and $125 resistance levels against the US Dollar.
  • ETH price is likely to grind higher towards the $155 and $160 resistance levels.
  • There is a major bearish trend line forming with resistance near $137 on the 4-hours chart (data feed from Coinbase).
  • The price could correct lower, but dips remain well supported near the $122 and $120 levels.

Ethereum price is showing positive signs above $135 against the US Dollar. ETH/USD must surpass $137 and $140 for a strong bullish wave in the coming sessions.

Ethereum Price Analysis

In the past few days, there was a decent recovery wave in Ethereum price above the $110 level against the US Dollar. ETH price gained traction and settled above the $120 level.

Besides, there was a close above the $125 level and the 55 simple moving average (4-hours). The upward move gathered pace above the $130 and $140 levels. Finally, the price traded to a new swing high at $154.

Recently, there was a downside correction below the 23.6% Fib retracement level of the upward move from the $89 low to $154 high. However, the price remained well supported near the $120 zone and the 55 simple moving average (4-hours).

Besides, the 50% Fib retracement level of the upward move from the $89 low to $154 high is acting as a decent support. At the moment, the price is rising and trading above the $130 level.

However, it is facing a major hurdle near the $137 and $138 levels. There is also a major bearish trend line forming with resistance near $137 on the 4-hours chart.

If there is an upside break above the $137 and $140 levels, the bulls are likely to take over. The next resistance on the upside is near the $150 and $155 levels. Any further gains could lead the price towards the $170 level in the near term.

If there is a downside correction, the price may perhaps find bids near the $122 level and the 55 SMA. Any more losses might lead the price towards $110.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is showing a few positive signs above the $122 and $125 levels. A clear break above the $140 level is needed for upside acceleration in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.

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

Key Support Levels – $125, followed by the $120 zone.

Key Resistance Levels – $137 and $140.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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