Ether price is showing a lot of positive signs above the $142 and $145 levels against the US Dollar.
It is currently trading near the key $148 and $150 resistance levels.
There was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct a few points, but it is likely to climb above the $150 barrier in the near term.
Ethereum Price Could Extend Gains
Recently, there was a fresh increase in bitcoin price above the $8,250 and $8,400 resistance levels. It helped Ethereum in climbing above the $145 resistance against the US Dollar.
Additionally, ETH price settled above the $145 level and the 100 hourly simple moving average. It even traded to a new weekly high and spiked above the $148 level.
More importantly, there was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD. However, the bulls are still struggling to gain strength above the $148 and $150 resistance levels.
Ethereum is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the $142 low to $148 high. On the downside, there are many supports near the $147 and $145 levels.
On the upside, the main hurdles are near the $148 and $150 levels. A successful break and close above the $150 level may well start a strong rise. The next major resistance could be $155, above which the price is likely to test the $160 level.
Downside Remain Limited In ETH
It seems like the broken triangle resistance near $147 might provide support in the short term. The next major support is near the $145 level since it coincides with the 50% Fib retracement level of the recent upward move from the $142 low to $148 high.
Looking at the chart, Ethereum price seems to be facing a strong sell zone near the $148 area. However, the current price action in bitcoin is very bullish, which means there are high chances of an upside break in ETH above the $148 and $150 levels.
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – $145
Major Resistance Level – $148 The post appeared first on NewsBTC.