Ether’s price gained bullish momentum and broke key resistances against the US dollar and bitcoin. ETH/USD is now placed nicely above $140.00 and could extend gains above $145.00.
Ether’s price extended gains and traded above the $140.00 and $141.00 resistances against the US dollar.
ETH/USD settled above $140.00 and moved into a positive zone on the 6-hour chart.
ETH/BTC also gained traction and broke the 0.0345BTC and 0.0350BTC resistances.
Technically, the 6-hour chart indicators moved nicely into bullish territory.
Ether Price Analysis (ETH)
Yesterday, we saw a solid bullish break above the $132.00 resistance in ETH/USD. The pair extended gains above the $135.00 resistance and even climbed above the all-important $140.00 hurdle to move into a positive zone.
Similarly, ETH/BTC climbed higher and surpassed the 0.0345BTC resistance. Buyers gained control, resulting in a break above the 0.0350BTC resistance zone. The next key resistances are 0.0352BTC and 0.0355BTC.
Looking at the hourly chart of ETH/USD, there was a solid upward move initiated after the pair broke the $132.00 and $135.00 resistance levels. Ether rallied and surpassed the $140.00 and $141.00 resistance levels. It opened the doors for more gains and the price traded toward the $145.00 resistance.
A new high was formed at $145.16; later, the price started a downside correction. It traded below the $142.00 level and the 23.6 percent Fibonacci retracement level of the recent ride from the $130.17 low to $145.16 high.
However, the $140.00 support acted as a strong buy zone and prevented further declines. There is also a crucial bullish trendline in place, with support at $139.00 on the same chart. The next key support is near $137.00 and the 50 percent Fibonacci retracement level of the recent ride.
Moving up to the 6-hour chart of ETH/USD, the pair clearly broke the main resistance at $140.00 (now support). In the short term, there could be range moves near the $140.00 level, but the current price action and technical formation suggest more gains in Ether above the $145.00 resistance level in the coming sessions.
Important Resistance Levels
$144.00 and $145.00
Important Support Levels
$140.00 and $137.00
The RSI is currently correcting lower toward the 60 level.
The MACD is slowly losing strength in the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.
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