Ethereum price rallied above the $140.00 resistance this past week and traded to $147.50. ETH/USD corrected lower, but it remains well bid above the $140.00 support.
- Ethereum price corrected lower and tested the $140.00 support (previous resistance).
- A short term bullish trend line is formed with support at $142.00 on the 30-minute chart.
- ETH price is placed above the $140.00 support and it could bounce back above $144.50.
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Ethereum Price Analysis
Finally, there was a strong upward move in Ethereum price above the $140.00 resistance area. ETH/USD broke the $145.00 resistance area and traded as high as $147.50 before starting a downside correction.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair declined below the $144.50 and $142.00 support levels. There was even a spike below the 25 simple moving average (30-min) and the price traded towards the $140.00 support.
However, the $140.00 support (the previous key resistance) acted as a solid buy zone. The price recovered above $142.00 and the 25 simple moving average (30-min). There was a break above the 50% Fib retracement level of the latest correction from the $147.50 high to $140.00 low.
On the upside, the $144.50 level acted as a strong resistance along with the 61.8% Fib retracement level of the latest correction from the $147.50 high to $140.00 low.
ETH dipped again and tested the $142.80 level plus the 25 simple moving average (30-min). On the downside, there is short term bullish trend line formed with support at $142.00 on the same chart.
Below the trend line, the main support is near the $140.00 level. Should buyers fail to keep the price above the $140.00 support, the price could move into a bearish zone. The next key support is near the $136.50 level, which is also a Fib extension level.
Overall, there was a downside correction in bitcoin, Ethereum and XRP recently. However, dips remain supported and it seems like ETH may continue to find a strong buying interest near $140.00. Therefore, the price could climb higher towards $147.00 and $150.00 in the near term.
The market data is provided by TradingView, Bitfinex.
The post Ethereum (ETH) Price Prediction: Slow and Steady Uptrend appeared first on Blockonomi.