Ethereum Price Analysis: Is This ETH Rally Fake?
Ethereum is currently rallying from the $143.14 swing low vs the US Dollar. However, ETH to USD is still facing a lot of hurdles on the upside near $152.10 and $154.40.
Key Takeaways: ETH/USD
- Ethereum price is currently recovering above the $147.00 and $148.00 resistances against the US Dollar.
- ETH/USD is currently trading above the $150.00 resistance and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is up more than 3% and broke a couple of key resistances near $7,340.
Ethereum Price Analysis
In the past few days, there was a steady decline in Ethereum below the $158.00, $155.20 and $152.10 support levels. ETH to USD even traded below the $146.60 support area approached the $142.50 area.
Looking at the 2-hours chart, Ethereum price traded as low as $143.14 and settled below the 50 simple moving average (2-hours, purple). Recently, bitcoin price rallied above the $7,300 and $7,380 resistance levels.
It opened the doors for a strong recovery in Ethereum above the $146.60 and $148.00 resistance levels. Moreover, the price rallied above the $150.00 resistance and a bearish trend line on the 2-hours chart.
Moreover, the price surged above the 50% Fib retracement level of the major downward move from $157.99 to $143.13. However, the price ran into a crucial resistance near the $152.40 area.
It seems like the 61.8% Fib retracement level of the major downward move from $157.99 to $143.13 is acting as a strong resistance. The recent rally is slowly losing momentum below $152.40.
It could quickly reverse if there is a break below the $148.00 level and the 50 simple moving average (2-hours, purple). In the mentioned case, the price is likely to revisit the $144.00 area.
Conversely, the price may perhaps continue to rise above the $152.40 and $153.00 resistance levels. In the mentioned case, the price could even clear the 76.4% Fib retracement level of the major downward move from $157.99 to $143.13.
Overall, it all depends on the $152.40 resistance area. A clear break and close above $152.40 could start another increase in Ethereum. If not, the price could drop back to $144.00.