Ethereum Price Analysis: 142.00 seems to be a big hurdle for ETH/USD
- ETH/USD trades just over 1% lower on Friday as mixed sentiment grips the crypto market.
- The price has broken out of the chart pattern and looks to be heading to higher levels.
ETH/USD 1-hour chart
Ethereum has been in a sideways pattern since 13th March 2020. This is the phase after the fall from 290.00 to 90.00 which saw the pair lose $200.00 per coin. Since then the price has been making higher lows but failed to break the high of 154.00 marked by the red line on the chart. First, the price needs to take out the green resistance line of 141.82.
Looking slightly closer at the chart now, the price is trading above the 200 and 55 moving averages. The MACD indicator has just turned positive as the histogram has turned from red to green. The wave high break of 142.50 would be a big coup for the bulls especially if the breaks happens with high volume.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
