Ethereum is currently in a good position after it surpassed the $130 support area against the US dollar. ETH price is consolidating now and is up by more than 2% on the day, testing new levels. As Ethereum goes above $130 again, the ETH news show that there is a strong momentum and a major bearish trend line forming with resistance near $135 on the hourly chart of ETH/USD.
A clear break above $135 could set the pace for more gains towards $140 and $145. However, it is worth reminding ourselves that previously, Ethereum’s token did not manage to stay above the $135 zone and declined against the USD, breaking the $130 support level.
As it stands, ETH is the largest altcoin in the cryptocurrency news and while consolidating losses, it is trading above the $130 level which is right now a major thing for the cryptocurrency. More importantly, there is a bullish trend line forming today with resistance near $128 on the hourly chart of the ETH/USD pair. On the upside, there are many hurdles forming near the $135 levels.
More importantly, we can see a major bullish trend line which appears to be showing for all coins as Ethereum goes above $130. The bulls are likely to face a strong selling interest near the $135 zone which at the same time acts as the main hurdle now, above which the price could recover and visit $140.
On the downside, the $125 level is still something that ETH is holding on to. If Ethereum dives below it and to the $124 low, there are high chances of more losses in the near term. The next key support is near the $120 zone, where the bulls are likely to emerge. Any further losses may lead the price of ETH towards the $115 level in the coming sessions.
Currently, the technical indicators look as following:
- Hourly MACD – The MACD for ETH/USD is currently going back into the bullish zone.
- Hourly RSI – The RSI for ETH/USD is right now surging and it is nearing the 50 level.
- Major Support Level – $124
- Major Resistance Level – $130
The biggest gainer at press time today is Bitcoin Cash (BCH), which managed to add 2.13% to its price this morning and arrive at $215.
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