Ethereum Price Analysis: ETH pushes higher but there is some resistance at 1.40
- Ethereum is trading 0.50% higher on Thursday as some short term bullish sentiment kicks in.
- The price is moving up but may find some resistance at a confluence level.
ETH/USD 1-hour chart
Ethereum has just pushed higher on Thursday as some bullish sentiment kicked in during the US session. Most of the majors pushed higher and Ethereum looks to test some key levels. On the longer-term price charts, the pair is still in a basing/consolidation pattern. The price fell pretty hard over the last 30 days and reached a low of 90.00 but now there is a glimmer of hope for the bulls.
On the chart below, the price is now heading toward the key Fibonacci retracement ratio of 61.8%. This level is close to the 140.00 psychological figure and a resistance zone where there had been some congestion in the past. There is also the red trendline in the way of a move higher but it seems like there could be enough momentum to take the price through the zone. For confirmation I would look for a surge in volume. Lastly, the RSI trendline is also breaking through a trendline which also can be a bullish signal.
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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.
