HomeAltcoin NewsEthereum Price Analysis: ETH Preparing For Next Significant Break

Ethereum Price Analysis: ETH Preparing For Next Significant Break

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  • Ethereum price is currently holding the key $124 support area against the US Dollar.
  • ETH price seems to be struggling to clear the $134 and $135 resistance levels.
  • There is a major contracting triangle forming with resistance near $134 on the 4-hours chart (data feed from Coinbase).
  • The price could either rally above $135 or it might dive back towards the $110 support area.

Ethereum price is trading in a range and preparing for the next move against the US Dollar. ETH/USD must gain traction above $135 for a strong upward move.

Ethereum Price Analysis

After struggling to stay above the $140 level, Ethereum price started a downside correction against the US Dollar. ETH price topped near the $142 level and it traded below the $135 support area.

Besides, it broke the $130 level and the 55 simple moving average (4-hours). The price tested the $124 zone and it is currently correcting higher. There was a break above the $130 zone.

The bulls pushed the price above the 50% Fib retracement level of the downward move from the $143 swing high to $123 swing low. However, the price seems to be facing a strong barrier near the $134 and $135 levels.

The 61.8% Fib retracement level of the downward move from the $143 swing high to $123 swing low is also acting as a resistance. It seems like there is a major contracting triangle forming with resistance near $134 on the 4-hours chart.

If there is an upside break above the key $134 and $135 resistance levels, there are chances of more upsides in the coming sessions. An initial resistance is near the $142 level. The next resistance on the upside is near the $152 and $155 levels.

Any further gains could lead the price towards the $168 level in the near term. Conversely, the price might fail to move above the $135 zone and it could slide below $130 and $124. The next major support is near the $120 level, below which it could revisit the $110 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is showing a few positive signs above the $124 and $130 levels. Having said that, the bulls must gain strength above $135 for a sustained upward move.

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 sliding towards the 50 level.

Key Support Levels – $124, followed by the $110 zone.

Key Resistance Levels – $135 and $142.

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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