Ethereum Price Heeds To The Wakeup Call, Testing $140 Ahead Of Technical Breakout To $170
- Ethereum price bounces off support at $128 to tests the critical resistance at $140.
- ETH/USD remains bullish while aiming for a breakout above $140 with buyers’ eyes glued on $150.
Ethereum buyer keenly defended the support at $124 following the breakdown over the weekend. Recovery this week initially stalled under $136. Consolidation took over between the 50% Fibonacci level and the 61.8% Fibonacci level of the last swing high at $144.11 to a swing low at $119.22. A slight dip under $130 on Wednesday bounced off new support at $128. The bullish action broke above the 50 Simple Moving Average and the 100 SMA in the 1-hour range. ETH/USD zoomed towards $140 but hit a wall at $138.97 (on Coinbase) cutting short the bullish momentum.
ETH/USD 1-hour chart
At the time of writing, Ethereum is trading at $137.11 following a 0.75% growth on the day. The bulls are working on extending the leg above $140 in anticipation of a breakout towards $150. The Relative Strength Index (RSI) is almost hitting oversold conditions in the hourly timeframe. As long as the RSI nurtures the uptrend regardless of the overbought conditions, ETH/USD could strengthen the bullish grip above $140. The ongoing bullish action is banking on trading activities increasing to sustain the breakout.
If the hurdle at $140 proves impenetrable, a reflex downside action could retest the support at the 61.8% Fibonacci level. Further downside action would seek balance at $128 and $124 support levels respectively.
Ethereum Key Levels
Spot rate: $137.11
Relative change: 1.00 daily
Percentage change: 0.78% on the day
RSI: Bullish bias (almost overbought 1-hour).
Trend: Bullish
ETH/USD remains bullish while aiming for a breakout above $140 with buyers’ eyes glued on $150.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Thu, 02 Apr 2020 06:50:52 +0000
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