- Ethereum is slowly recovering from the $140 support area against the US Dollar.
- The price is currently facing resistance near the $145 level and the 100 hourly SMA.
- There was a break above this week’s key bearish trend line with resistance near $144 on the hourly chart of ETH/USD (data feed via Kraken).
- The price might make another attempt to surpass the $145 and $146 hurdles in the near term.
Ethereum price is showing a few recovery signs versus the US Dollar, while bitcoin is consolidating. ETH price must surpass $148 to move into a positive zone.
Ethereum Price Analysis
Recently, we saw a downside extension in Ethereum below the $144 support area against the US Dollar. Moreover, ETH price broke the $142 support area and the 100 hourly simple moving average.
Finally, it spiked below the $140 support and formed a new monthly low near $139. It is currently correcting higher and it surpassed the $142 resistance area to start a decent recovery.
Besides, there was a break above this week’s key bearish trend line with resistance near $144 on the hourly chart of ETH/USD. The pair is now trading near the $145 resistance and struggling to clear the 100 hourly simple moving average.
The recent high is near $145 and the pair is testing the 23.6% Fib retracement level of the recent recovery from the $139 low to $145 high. If there are additional losses, Ethereum price might correct towards the $142 support area.
Additionally, the 50% Fib retracement level of the recent recovery from the $139 low to $145 high is near the $142 level. Any further losses might push the price below $140 and the bulls are likely to struggle.
On the upside, the bulls need to gain strength above the $145 and $146 resistance levels. More importantly, a close above the $148 resistance and the 100 hourly SMA is needed for a sustained recovery.
The main resistance is still near the $152 area, above which the price is likely to start a solid uptrend in the coming days. If not, it could resume its slide below $140.
Looking at the chart, Ethereum price is showing a few recovery signs above the $140 level. Having said that, the price is struggling to continue to above the $145 and $146 resistance levels, above which it could retest the $152 resistance.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $140
Major Resistance Level – $146
