Ethereum price rallied recently and spiked above the $150.00 resistance. ETH/USD is currently correcting lower, with a bearish angle below $145.00.
- Ethereum price formed a high at $153.00 and later declined below the $145.00 support.
- ETH/USD broke a short term triangle with support at $141.00 on the 30-minute chart.
- The price is currently trading in a tight range between the $145.00 resistance and $136.00 support.
Ethereum Price Analysis
Recently, there was a sharp bullish wave from the $117.56 swing low in Ethereum price. ETH traded above the $138.00, $142.00 and $145.00 resistance levels to set the pace for more gains.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair even spiked above the $150.00 resistance, but buyers failed to retain momentum. A high was formed at $153.00 and later the price started a downside correction.
It broke the $145.00 support and the 23.6% Fib retracement level of the last leg from the $117.56 low to $153.00 high. More importantly, the price broke a short term triangle with support at $141.00 on the same chart.
Finally, there was a break below the $140.00 support and the 25 simple moving average (30-min). The price tested the 50% Fib retracement level of the last leg from the $117.56 low to $153.00 high, where buyers emerged and protected losses.
At the outset, the price is trading in a tight range above the $136.00 support and below the $145.00 resistance. Therefore, the next break could be either above $145.00 or below $136.00 in the near term.
If there is a downside break below $136.00, the price may move back in a bearish zone. The next main support is at $125.00, which is the 76.4% Fib retracement level of the last leg. Below $125.00, the price could revisit the $117.50 swing low.
On the other hand, an upside break and close above $145.00 in Ethereum may well put buyers back in action. In the mentioned scenario, ETH is likely to break the $150.00 resistance and it could even test the $155.00 or $158.00 resistance.
The market data is provided by TradingView, Bitfinex.