Ether’s price is sighting an upside break against the US dollar but is struggling versus bitcoin. ETH/USD is likely to climb higher, considering the current market sentiment and structure above $135.00.
Ether’s price is holding the key $136.00 support and could gain traction against the US dollar.
A significant triangle is formed with resistance near $138.00 on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0350BTC and bitcoin’s strength could push it below 0.0348BTC.
Technically, the 2-hour chart indicators are slowly gaining momentum in bullish territory.
Ether Price Analysis (ETH)
In the past few sessions, ETH/USD mostly traded in a range below the $140.00 and $142.00 resistance levels. The pair also found a strong buying interest above the $135.00 support level.
ETH/BTC started a downside correction below 0.0355BTC and tested the 0.0350BTC support. Bitcoin’s price is currently gaining strength, which may well increase pressure on the pair for a push toward 0.0348BTC or 0.0345BTC.
Looking at the 2-hour chart of ETH/USD, there is a significant triangle formed, with resistance near $138.00. Should Ether break the triangle resistance and gain momentum above the $140.00 resistance, there could be more upsides in the near term.
An immediate resistance is at $142.00, followed by $145.00. The main resistance is near the $150.00 level, where sellers could take a stand if the price continues to trade higher.
On the flip side, if there is a downside break below the $136.00 and $135.00 supports, the price may move into a bearish zone. The next key support is near the $131.00 level and 50 percent Fibonacci retracement level of the upward move from the $123.34 low to $141.32 high.
The 30-minute chart of ETH/USD suggests there is a strong support formed near $136.00. Therefore, there are high chances of an upside break above the $138.00 resistance and a connecting bearish trendline on the same chart.
The overall price action is positive and the recent technical formation suggests Ether and bitcoin are likely to gain momentum above $140.00 and $4,000.00, respectively, in the near term.
Important Resistance Levels
$138.00 and $140.00
Important Support Levels
$136.00 and $135.00
The RSI is moving higher toward the 60 level.
The MACD is gaining momentum 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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