Ethereum is gaining bullish momentum above the $147.80 and $150.00 resistance levels vs the US Dollar. ETH to USD is likely to accelerate higher above the $155.00 resistance in the near term.
Key Takeaways: ETH/USD
- Ethereum price is trading in a strong uptrend above the $147.80 resistance against the US Dollar.
- ETH/USD is following a nice positive path and a bullish trend line with support near $147.00 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price climbed higher sharply above the $8,450 and $8,500 resistance levels.
Ethereum Price Analysis
In the past few days, Ethereum price followed a bullish path above the $140.00 support level. ETH to USD is now in an uptrend, similar to bitcoin above the $8,450 resistance area.
Looking at the 2-hours chart, Ethereum price settled above the $147.80 resistance and the 50 simple moving average (2-hours, purple). Moreover, the price jumped above the $150.00 resistance level.
The price traded to a new 2020 high at $153.34 and it is currently consolidating. An initial support on the downside is near the $150.70 level. It coincides with the 23.6% Fib retracement level of the latest upward move from $142.13 to $153.34.
If there are more downsides, Ethereum could test the $150.70 support level. Moreover, the 50% Fib retracement level of the latest upward move from $142.13 to $153.34 is also near the $147.80 level.
It seems like Ether is following a nice positive path and a bullish trend line with support near $147.00 on the 2-hours chart. If there is a downside break below the trend line support and $147.00, it could move towards the 50 simple moving average (2-hours, purple).
On the upside, an initial resistance is near the $153.50 level. If there is an upside break above the $153.50 level, the price is likely to surge towards the $155.00 and $157.50 levels.
The next major hurdle for the bulls is near the $160.00 level, above which Ethereum might test the $162.40 resistance level in the coming sessions.