Ethereum Overwhelmingly Bullish And $145 Is Imminent, Here’s Why | NewsBTC

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  • ETH price is gaining bullish momentum above the $132 resistance against the US Dollar.
  • The price is trading above $135 and it recently traded to a new 2020 high.
  • There was a break above a key declining channel or bullish flag with resistance near $130 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate gains above the $140 and $142 resistance levels.

Ethereum is surging above key hurdles against the US Dollar, similar to bitcoin. ETH price seems to be aiming a clear break towards the $145 and $150 resistances.

Ethereum Price Going To $145

This past week, Ethereum extended its decline to test the $125 support against the US Dollar. A strong support base formed near $125, resulting in a steady rise above the $128 resistance.

Additionally, the price surpassed the 50% Fib retracement level of the key decline from the $138 high to $125 low. It opened the doors for more gains above $130 and the 100 simple moving average (4-hours).

More importantly, there was a break above a key declining channel or bullish flag with resistance near $130 on the 4-hours chart of ETH/USD. The pair is now trading nicely above the $132 and $135 resistance levels.

Besides, Ethereum climbed above the 76.4% Fib retracement level of the key decline from the $138 high to $125 low. Therefore, there are high chances of an upside continuation above the last swing high at $138.

An immediate resistance is near the $140 level. It represents the 1.236 Fib extension level of the key decline from the $138 high to $125 low.

However, the current momentum seems to be very positive, suggesting a clear follow through above the $142 resistance towards $145. Any further gains could lead the price towards the $150 and $155 resistance levels.

What Could Cause Decline in ETH?

On the other hand, if Ethereum price fails to surpass the $138 swing high, it could correct lower. The first key support is near the $132 level and the 100 simple moving average (4-hours).

If the price fails to stay above the 100 SMA, it may perhaps continue to move down towards the $128 support level in the near term. The main supports are still near $125 and $122.

Ethereum Price

Ethereum Price

The above chart indicates that Ethereum price is trading in a positive bias, with high chances of more gains towards the $142 and $145 resistance levels.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is gaining strength in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently well above the 60 level.

Major Support Level – $125

Major Resistance Level – $138


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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