Ethereum Price Analysis: ETH Could Correct Before Fresh Increase

Ethereum is trading in a bullish zone above the $140.50 pivot level vs the US Dollar. ETH to USD could correct in the short term before a fresh increase above $145.20.

Key Takeaways: ETH/USD

  • Ethereum price traded to a new yearly high at $145.19 and it is correcting lower against the US Dollar.
  • ETH/USD is likely to remains supported above $140.50 and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price could dip in the short term, but the bulls are likely to protect $137.80.

Ethereum Price Analysis

In the past few days, Ethereum price gained pace above the $135.20 and $137.80 resistance levels. ETH to USD even climbed above the $140.50 pivot level to move into an uptrend.

Ethereum Price

Looking at the 2-hours chart, Ethereum price settled above the $140.50 level and the 50 simple moving average (2-hours, purple). It opened the doors for more gains above the $142.00 level.

Finally, the price spiked above $145.00 and a new yearly high was formed near $145.19. The price is currently correcting lower and testing the 23.6% Fib retracement level of the latest rise from $134.29 to $145.19.

On the downside, there are many supports near the $141.00 and $140.50 levels. Besides, Ethereum is likely to remains supported above $140.50 and a connecting bullish trend line on the 2-hours chart.

Moreover, the 50% Fib retracement level of the latest rise from $134.29 to $145.19 is also likely to provide support near the $139.75 level. Any further losses below $139.75 and the bullish trend line might open the doors for more losses in the coming sessions.

The next support could be $137.00 and the 50 simple moving average (2-hours, purple). Conversely, the price could resume its rise after a short term correction towards $140.50.

An initial resistance is near the $145.20 level. If there is a clear break above the $145.20 level, Ethereum price is likely to accelerate towards the $149.50 and $150.00 levels in the near term. The next major hurdle is near the $152.50 level.

Live Ethereum (ETH) Price:

1 ETH/USD =$396.8416 change ~ -0.13%

Coin Market Cap

$44.48 Billion

24 Hour Volume

$2.49 Billion

24 Hour VWAP

$396

24 Hour Change

$-0.4981

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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