In the past few sessions, there were a lot of steady gains in Ethereum (ETH) which gained momentum above $140 and showed strength against the US dollar. Moreover, the ETH price surpassed the $142 and $145 resistance levels. The price traded to a new 2020 high at $148 and it is currently consolidating its gains as the ETH bulls hesitate to initiate a new move above $150.

Speaking of which, the ETH news show that a move above these levels would boost the trend line and the hourly chart of ETH/USD. Therefore, there could be dips in Ethereum which could find support near $143 and $142.

As long as the price is above the $142 support and the ETH bulls hesitate to move higher, we could see a downside extension towards the $138 support area and the 100 hourly simple average. Currently, the main support is near the $135 level where the bulls are likely to take a stand.

Any of the further losses may perhaps start a fresh decline towards the $128 support. However, the positive signs posted by the ETH bulls could indicate that a fresh start is on the corner and the price is likely to bounce back and climb above $148 and $150, respectively.

Besides Bitcoin which is now gaining 5% on the day and climbing to $8,300, there are many other winners in the altcoin updates. Just like the ETH bulls, the Litecoin news show that LTC is up by 5% to a new price of $47.65 and a potential to test $50 very soon.

The biggest gainer in the altcoin news today is Chainlink (LINK) which managed to add 15% on the day and rose to $0.89 at press time. EOS (EOS) is also with a stable 2% increase, visiting $2.89 and aiming for the $3 region.

As the ETH bulls hesitate to make a new move, the market cap is solid and at $218 billion. The 24 hour volume is respective of the recent moves and is now shy of $100 billion which could be the three-digit record that we have been waiting to see in 2020.

Right now, the technical indicators for ETH are as following:

  • Hourly MACD – The MACD for ETH/USD is currently gaining in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.
  • Major Support Level – $142
  • Major Resistance Level – $150

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