Ethereum Price Analysis is likely setting up for the next key break against the US Dollar. ETH/USD must climb above $150, $152 and $155 to start a strong recovery.
Ethereum Price Analysis
After a major drop in Ethereum, the $132 level acted as decent support against the US Dollar. ETH traded as low as $132.10 and recently started an upside correction above the $140 zone.
Moreover, there was a break above the $150 level and the price spiked above the 55 simple moving average (4-hours). However, the bulls failed to clear the $158 and $160 resistance levels.
A high was formed near $158 and the price is currently trimming gains. It broke the 23.6% Fib retracement level of the upward move from the $132 low to $158 high. At the outset, the price is trading near the $148 support and the 55 simple moving average (4-hours).
Additionally, there is a major breakout pattern forming with support near $148 on the 4-hours chart. If there is a downside break below the $148 support, Ethereum is likely to resume its decline.
Immediate support is near the $144 level. Besides, the 50% Fib retracement level of the upward move from the $132 low to $158 high might act as a support.
If the bulls fail to protect $144, there is a risk of an extended decline towards the $138 support. It represents the 76.4% Fib retracement level of the upward move from the $132 low to $158 high.
The main support is near the $132 swing low, below which the price could decline towards $124. Conversely, the price could rally above the $150 and $152 resistance levels.
The first key resistance is near the $158 level, above which the price is likely to accelerate gains towards the $162 and $165 levels in the coming days.
Looking at the chart, Ethereum price seems to be preparing for the next key break and it could either rally above $152 or it might start a fresh decline towards $138.
4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 50 level.
Key Support Levels – $144, followed by the $138 zone.
Key Resistance Levels – $152 and $158.