Ethereum Price Analysis: ETH Up 15%, Rally Could Extend Above $150

Key Highlights

Ethereum price gained a lot of bullish momentum against the US Dollar and bitcoin. ETH/USD broke $145 and now it could rally above $150 and $155.

Ethereum Price Analysis

In the weekly analysis, we discussed the chances of ETH price hitting the $140 mark against the US Dollar. The ETH/USD pair did break the $125 and $130 resistance levels. It even broke the $140 barrier and placed itself well above the 100 hourly simple moving average. The price recently traded close to the $150 level and it is currently consolidating gains.

An initial support is near $144 and the 23.6% Fib retracement level of the recent wave from the $125 low to $149 high. However, the main support is near the $135-136 zone. Moreover, there is a crucial bullish trend line in place with support at $138 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent wave from the $125 low to $149 high. Therefore, if there is a downside correction, the price is likely to find bids near $144, $140 or $135. On the upside, an initial resistance is near the $150 level, above which the price could rally past $155.

Looking at the chart, ETH price gained more than 15% and broke the key $140 resistance. This indicates buyers are in full control and there could be more gains above $150.

Hourly MACD – The MACD is placed nicely in the bullish zone.

Hourly RSI – The RSI is currently placed in the overbought zone with no bearish angle.

Major Support Level – $135

Major Resistance Level – $150