Ethereum is gaining bullish momentum above the $145 resistance versus the US Dollar. ETH is likely to surge above the $148 and $150 resistance levels, while bitcoin already broke the key $8,400 resistance. Ether price is showing a lot of positive signs above the $142 and $145 levels against the US Dollar. It is currently trading near the key $148 and $150 resistance levels. There was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct a few points, but it is likely to climb above the $150 barrier in the near term. Ethereum Price Could Extend Gains Recently, there was a fresh increase in bitcoin price above the $8,250 and $8,400 resistance levels. It helped Ethereum in climbing above the $145 resistance against the US Dollar. Additionally, ETH price settled above the $145 level and the 100 hourly simple moving average. It even traded to a new weekly high and spiked above the $148 level. More importantly, there was a break above a major triangle resistance near $146 on the hourly chart of ETH/USD. However, the bulls are still struggling to gain strength above the $148 and $150 resistance levels. Ethereum Price Ethereum is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the $142 low to $148 high. On the downside, there are many supports near the $147 and $145 levels. On the upside, the main hurdles are near the $148 and $150 levels. A successful break and close above the $150 level may well start a strong rise. The next major resistance could be $155, above which the price is likely to test the $160 level. Downside Remain Limited In ETH It seems like the broken triangle resistance near $147 might provide support in the short term. The next major support is near the $145 level since it coincides with the 50% Fib retracement level of the recent upward move from the $142 low to $148 high. Looking at the chart, Ethereum price seems to be facing a strong sell zone near the $148 area. However, the current price action in bitcoin is very bullish, which means there are high chances of an upside break in ETH above the $148 and $150 levels. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently well above the 50 level. Major Support Level – $145 Major Resistance Level – $148 The post appeared first on NewsBTC.

from NewsBTC https://www.newsbtc.com/2020/01/14/ethereum-gearing-for-lift-to-160-uptrend-isnt-over/



Source link

Register at Binance