Ethereum Price Analysis: ETH/USD fights unrelenting resistance towards $140

Ethereum price is having a bullish start for the second day in a row this week. The gains on Monday saw the price correct from the weekend lows at $124 to levels above $130. The buyers extended the bullish leg above $135 but failed to sustain gains towards the critical $140 hurdle.

The Asian session has been characterized by a stronger bullish grip although the bulls seem to be lacking enough power to sustain the gains. ETH/USD has retreated to $133.40. Its immediate downside is protected by the 50 SMA in the 4-hour range. The 100 SMA is also in line to offer support at $129.19 aided by an ascending trendline.

Various applied technical indicators point towards a healthy technical picture for Ethereum. For instance, the RSI’s recovery from levels close to 30 (over the weekend) has stepped above 50 (the average). Moreover, the indicator has a bullish bias, which further cements the bulls’ influence over the price.

In addition to that, the Elliot Wave Oscillator is printing a bullish session following the recovery on Monday. If the technical picture remains the same, there is a high probability Ether will close the day above $140.

ETH/USD price chart