Ethereum Price Analysis: ETH Holding Key Support, Could Bounce Soon
- ETH price corrected lower recently and traded below the $150 support against the US Dollar.
- There is a major bullish trend line formed with support at $145 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be preparing for an upward move above $152 and $156 in the near term.
Ethereum price is holding key supports against the US Dollar and bitcoin. ETH/USD is likely to bounce back above $155 as long as it is above $140.
Ethereum Price Analysis
Yesterday, ETH price traded close to the $157 level against the US Dollar. The ETH/USD pair traded as high as $156.97 and later started a downside correction. It declined below the $154 and $150 support levels. There was also a break below the 23.6% Fib retracement level of the recent leg from the $130 low to $157 high. However, the price found a strong support near the $144 level.
Moreover, there is a major bullish trend line formed with support at $145 on the hourly chart of ETH/USD. The pair also tested the 50% Fib retracement level of the recent leg from the $130 low to $157 high. It is currently consolidating above the $144 level and the trend line. The price action is positive and it seems like the price may soon break the $150 and $154 levels. A break above the $154-155 zone could clear the path for more gains. On the downside, the trend line support, $144, and the 100 hourly simple moving average hold the key. As long as the price is above $144 and $140, it could bounce back in the near term.
Looking at the chart, ETH price is is poised for more gains above the $150 and $154 levels. However, a proper break above the recent high near $157 is needed for a solid bullish wave.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is just above the 50 level.
Major Support Level – $144
Major Resistance Level – $155