The Ethereum price has to stay above the $140 support area to remain in an uptrend since it was struggling to gain bullish momentum above the $145 level. The Ethereum price is now facing an even stronger resistance against the US dollar, but there is crucial support forming close to the $140 and the 100 simple moving average as we are reading in the ETH news.
There is also a major contracting triangle forming with resistance close to the $145 on the 4-hours chart of the ETH/USD pair, which could increase sharply above $145 or even start a decline below the $140. Over the past week, Ethereum increased above the $130 price range, and the price spiked above the $145 resistance, settling above the 100 simple moving average. It later tested the $150 resistance area, which is where the bears emerged. There was a slight downside correction below this level and the price traded below the 23.6 percent Fib retracement level from the upward movement of the $129.
However, Ethereum remained above the $140 support area, and the 50% fib retracement level from the $129 swing low to $150 swing high is another strong support for the price. The 100 simple moving average is also nearing the $140 support area to protect the downside break, and there is also another triangle forming with a close resistance of $145 on the 4-hour charts. If there is another break below the $140 support area and the 100 SMA, the bears will take control while the next critical support is at $133 below, which the bears will test the $123 support.
If Ethereum remains stable above the $140 support and the 100 simple moving average, the price could rise further. The Ethereum price has to reach the $145 level for a successful increase to the $150 to spark a strong rally to the $164 degrees in the short term. The 4-hours MACD for the ETH/USD pair is losing momentum slowly while in the bullish zone. The 4 hours RSI for the ETH/USD pair is correcting lower from the previous 65 levels while the significant support level is firmly at $140.
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