Ethereum price analysis: ETH bull market returns, $150 may become the next

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ETH - Ethereum price analysis: ETH bull market returns, $150 may become the next

Cryptoshowoff – The ETH price broke through several important resistance levels near the dollar at $134. Prices have risen and closed above the resistance levels of $134 and $136. This is a continuation pattern of nearly $133 and $136 on the ETH / USD hourly chart (via Kraken’s data feed). The pair is currently trading near the $139 resistance level and may continue to move higher in the short term. The bullish momentum of Ethereum prices against the US dollar and bitcoin is growing. ETH may break through the $139, $144 and $146 resistance levels and enter the positive zone.

Ethereum Price - Ethereum price analysis: ETH bull market returns, $150 may become the next

Ethereum price analysis

Yesterday, we discussed that ETH prices are still supported, as the dollar has more upside potential for the $135, $137 and $140 levels. The ETH / USD pair formed a solid support near $133 and then moved up. It broke the $134 resistance level and closed above the 100-hour simple moving average. It opened the door to get more revenue, and the price traded above the resistance level of $135 and $137.

During the upswing, several continuation patterns of nearly $133 and $136 were broken on the hourly chart of ETH / USD. The two even broke the $138 resistance level and tested the $139 level. Recently, there has been a slight decline after the price test of $139. It tested the 23.6% Fibonacci retracement of the most recent route, from a low of $135 to a high of $139. However, prices are still well supported and support at $138 may curb downside.

If the loss is more, the next key support could be $137. It coincides with the recent 50% Fibonacci retracement level, from a low of $135 to a high of $139. Any further losses may bring the price back to the main support level of $134. On the bright side, a break above the $139 resistance level could push the price to the $141 resistance level. The current price action is very bullish and suggests that there is a high probability of more gains above the resistance levels of $142 and $144.

Ethereum price analysis ETH chart

From the chart, ETH prices are trading biased above the support levels of $137 and $134. In the short term, there may be some range moving or falling to $135. However, the overall structure is positive and requires more gains of $140 and more than $142 in future sessions.

ETH technical indicators

The hourly MACD – ETH / USD MACD shows positive signs in the bullish area.

The RSI-ETH/USD RSI per hour is now well above the 60 level and has a strong bullish angle.

Main resistance – $141

Main support level – $137

source

Seng Mangan
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