Market Analyst: If Ethereum Breaks This Level, It Shoots Hard!
Ethereum is still struggling to clear the main $ 135 resistance area against the US dollar. According to popular technical analyst Aayush Jindal, ETH price should break the $ 135 hurdle to start a strong rally in the upcoming sessions.
- Ethereum is currently gathering below the $ 135 resistance level against the US dollar.
- The price is likely to find good support around $ 130.
- A break below the ETH / USD hourly chart (data flow over Kraken) below a supported bullish trend line near $ 133.
- The pair may correct a few points towards $ 130, according to the analyst, before attempting another attempt to clear the $ 135.
Barriers to Ethereum price rise
Yesterday Ethereum had a reasonable increase above the $ 130 resistance area against the US dollar. ETH price gained speed above the $ 132 level and the 100 hourly simple moving average. However, the price struggled to gain strength above the main $ 135 resistance area. The bulls made more than two attempts to clear the $ 135 barrier, but failed.
There was an uptrend around $ 135.40 and the price is currently lower. There was a break below the ETH / USD pair’s bullish trend line near the $ 133 support on the hourly chart. Ethereum traded below the 23.6% Fib retracement level of the move from $ 124 to $ 135.
“Closing above the $ 135 resistance level will trigger a strong rally!”
According to the analyst, the price is currently finding bids near the $ 132 level and the 100-hour SMA. If there are more disadvantages, the price could test the $ 130 support level, according to the analyst. The 50% Fib retracement level of the $ 124 to $ 135 increase is also close to the $ 130 area to serve as a strong boost. According to any other loss analyst, perhaps it could cause a serious drop towards $ 124.
If Ethereum continues to bid above the $ 130 support area, the analyst may take another attempt to clear the key $ 135 resistance zone. A successful close above the $ 135 resistance level will trigger a strong rally in the next session. The next key resistance is near the $ 142 level, where the bulls will target a test of the $ 150 level.
Current view of Ethereum (ETH) price with technical indicators
Hourly MACD: About to return to the MACD bullish zone for ETH / USD.
Hourly RSI: The RSI for ETH / USD is still close to the 50 level at a positive angle.
Major Support Level: $ 130.
Major Resistance Level: $ 135.