- ETH/USD spiked above $145 and extended gains past $147 before reversing the trend.
- Ethereum is strongly supported after breaking above key resistance barriers.
- ETH/USD to continue pushing the uptrend higher above $150 with a medium-term set on $160.
The 1-hour chart shows how Ethereum has been battling barriers recording higher highs higher lows. The ascending trendline has been working as a key support level since March 25. The weekend trading sessions saw ETH/USD spike above $145 and extended gains past $147 before reversing the trend.
In the interim, Ethereum is valued at $143.61 while supported by the 50 SMA 1-hour which coincides with the 61.8% Fib level currently at $142.95. The 100 SMA is seen at $141.14 and the next support in the 1-hour timeframe is at $138.
ETH/USD technical levels – Confluence Detector
A quick glance at the confluence detector, one can see that Ethereum is strongly supported after breaking above key resistance barriers. On the upside, the path is laced with weak hurdles that are likely to pave the way in case ETH buyers find a catalyst.
Marginally above the current price, the first resistance rests at $144.38. The level has been highlighted by a confluence of indicators including the 5 SMA 1-hour, previous high 15-minutes, previous high 1-hour, previous high 4-hour, Bollinger Band 15’ upper and the Bollinger Band 1-hour upper. If Ethereum manages to retrace above this level, it will encounter another resistance level at $145.87 marked by the pivot point 1-day R3 and the Bollinger Band 4-hour upper. To jump above $150, the bulls must clear other minor hurdles at $147.56 and $148.86.
On the flipside, the strongest support rests at $142.88 (a former resistance level) with the following indicators: 38.2% Fib level 1-day, 61.8% 1-day, 100 SMA 15’, 23.6% Fib level weekly, previous low 1-day, pivot point 1-day S1, 23.6% Fib level 1-minute, Bollinger Band 1-hour lower, 5 SMA daily, Bollinger Band 4-hour middle and the 23.6% Fib level daily. Moreover, extended losses below $140 will find support at $138.40, $136.91, $132.43 and 129.44.
Prediction: The strong support means that Ethereum’s path of least resistance is to the upside. Therefore, I expect ETH/USD to continue pushing the uptrend higher above $150 with a medium-term set on $160.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?