Ethereum price tested the key $142.00 support area, where buyers emerged. ETH buyers remain in control and it seems like the price may climb higher towards the $148.00 and $150.00 levels.
- Ethereum price remains well supported on the downside above $142.00.
- Recently, there was a break above a bearish trend line with resistance at $143.50 on the 30-minute chart.
- ETH climbed above the $145.00 level and it is trading with a positive bias.
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Ethereum Price Analysis
After a strong upward move towards the $150.00 level, Ethereum price started a downside correction. ETH declined below the $147.50 and $144.60 support levels. The price tested the $142.00 support level, where buyers protected further declines.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair spiked below the $142.00 support level, but it quickly recovered above the $142.75 level. There was a break above the 23.6% Fib retracement level of the last slide from the $149.17 high to $142.03 swing low.
Moreover, there was a break above a bearish trend line with resistance at $143.50 on the same chart. Finally, the price settled above the $144.00 level and the 25 simple moving average (30-min).
The price traded close to the 50% Fib retracement level of the last slide from the $149.17 high to $142.03 swing low. It is currently consolidating above the $144.60 support level. On the upside, a break above the $145.60 and $147.50 resistances may open the doors for more gains towards $150.00.
On the flip side, if there is a fresh downside correction, the price might find bids near the $144.60 and $144.00 levels. Besides, the 25 simple moving average (30-min) is positioned near the $143.75 level to act as a support.
The main barrier for sellers is near the $142.00 level, below which there is a risk of an extended drop towards the $140.00 support level.
Overall, the current market sentiment is positive for bitcoin, Ethereum, ripple, stellar, litecoin, bitcoin cash, EOS and other cryptocurrencies. ETH may consolidate or dip a few points, but it is likely to climb above $145.75 as long as it is above the $142.00 support.
The market data is provided by TradingView, Bitfinex.