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.
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.