Ethereum Price Analysis: ETH/USD bulls set eyes at $140.00

ETH/USD has moved outside the recent range amid improved technical picture.
The local resistance is created by a psychological $140.00.

Tanya Abrosimova Independent Analyst

ETH/USD bottomed at $124.17 on March 30 and has been recovering ever since. At the time of writing, the second-largest coin is changing hands at $137.50, which is 3% higher from this time on Wednesday. Over 7% of ETH holders are losing money at the current price and only 2/6 million addresses purchased their coins at a cheaper price.

ETH/USD: Technical picture

A sustainable move above 1-hour SMA200 at $134.00 improved the short-term technical picture and opened up the way towards $140.00. Once it is cleared, the recovery may be extended to the upper line of the daily Bollinger Band at $145.70. This resistance may slow down the upside momentum; however, a sustainable move higher will bring psychological $150.00 into focus. The ultimate bullish goal is created by SMA200 daily at $175.00.

On the downside, the initial support is created by a combination of SMA200 1-hour and the lower middle of 1-hour Bollinger Band a5 $134.00. The next strong barrier is created by a recent channel support at $131.70 reinforced by SMA100 1-hour. If it is broken, the sell-off may be extended towards psychological $130.00, followed by March 29 low at $124.00.