Ethereum price surged above the key $145.00 resistance and broke $150.00. There were strong bullish moves in ETH. XRP, BTC, IOST and TRX in the past few hours.
- Ethereum price rallied above the $145.00 and $150.00 resistance levels.
- There was a break above a key bearish trend line with resistance at $144.00 on the 30-minute chart.
- ETH settled above the $150.00 level and it could continue to move higher in the near term.
Ethereum Price Analysis
The crypto market turned green today, with a strong rally in bitcoin above the $4,750 resistance. BTC rallied close to 18% and dragged a few altcoins higher, including Ethereum and ripple. ETH broke a major resistance near the $145.00 level to start a rally above the $150.00 barrier.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair tested the $141.00 support area and later started trading in a range. Finally, buyers took charge, resulting in a strong bullish break above the $145.00 resistance and the 25 simple moving average (30-min).
The price gained bullish momentum above a key bearish trend line with resistance at $144.00 on the same chart. It opened the doors for more gains and the price broke the last swing high at $149.17.
Finally, ETH surged above the $150.00 and $154.00 resistance levels. A new monthly high was formed ear $156.00 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent rally from the $141.38 low to $156.61 high.
It even spiked below the $150.00 level, but the previous swing high near $149.00 acted as a support. Besides, the 50% Fib retracement level of the recent rally from the $141.38 low to $156.61 high also acted as a support.
It seems like dips in Ethereum price remains supported near $149.00 and $150.00. It could trade in a range for some time before a fresh increase towards the $155.00 and $156.00 levels. The next key resistance for ETH is close to the $160.00 level, where sellers may emerge.
The market data is provided by TradingView, Bitfinex.