Ethereum Price Analysis: ETH Remains Well Supported For More Gains

Ethereum price is trading in a positive zone above the $132.50 and $134.50 support levels vs the US Dollar. ETH to USD is likely to continue higher towards $152.00 if it breaks the $142.80 resistance.

Key Takeaways: ETH/USD

  • Ethereum price remained well bid above the $125.20 and $132.20 support levels against the US Dollar.
  • ETH/USD is following a key bullish trend line with support near $129.50 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is currently trading in a range between $6,500 and $6,700.

Ethereum Price Analysis

Recently, there was a decent increase in Ethereum price above the $125.20 and $132.20 resistance levels. ETH to USD remained well bid and even climbed above the $134.50 resistance area.

Ethereum Price

Looking at the 2-hours chart, Ethereum price gained traction above the $140.00 level and the 50 simple moving average (2-hours, purple). A new weekly high is formed near the $143.91 level and it is currently correcting gains.

There was a break below the $140.00 level. Besides, there was a break below the 23.6% Fib retracement level of the upward move from $119.47 to $143.91.

However, the $132.00 area is acting as a strong support for the bulls. It seems like the 50 simple moving average (2-hours, purple) is holding losses below $132.00. The 50% Fib retracement level of the upward move from $119.47 to $143.91 is also near $131.70.

More importantly, Ethereum price is following a key bullish trend line with support near $129.50 on the same chart. If there is a downside break below the 50 SMA and the trend line, the price could start a sustained downward move below $125.00.

The next major support is near the $120.00 level, below which the bears are likely to aim a test of the $115.00 level. Conversely, ETH price could clear the $140.00 and $142.80 resistance levels.

If the bulls gain pace above the $142.80 resistance, there are chances of more upsides. The next resistance is near the $150.00 level, above which the bulls are likely to aim a test of the $158.00 resistance in the near term.

Live Ethereum (ETH) Price:

1 ETH/USD =$394.8547 change ~ 0.15%

Coin Market Cap

$44.25 Billion

24 Hour Volume

$2.47 Billion

24 Hour VWAP

$397

24 Hour Change

$0.5856

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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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