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.
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.