Ethereum Price Analysis: ETH Targets New Monthly High

ETH price corrected lower and tested the $136-137 support area against the US Dollar.

  • The price is currently recovering and it may continue to rise above $141 and $144 in the near term.
  • This was a break above a key contracting triangle with resistance near $139 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to climb above the $144 resistance area to trade to a new monthly high.

Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH could extend gains once it breaks the $141 and $144 resistance levels in the coming sessions.

Ethereum Price Analysis

This past week, we saw a nice upside move above the $134 and $140 resistances in ETH price against the US Dollar. The ETH/USD pair traded close to the $144 level and later started a downside correction. There was a break below the $140 and $138 levels. It traded close $137 level and formed a low just above the $136 level. The price also stayed above the 100 hourly simple moving average, with a positive angle above $134.

At the moment, the price is trading above the $138 level and the 50% Fib retracement level of the recent decline from the $144 swing high to $137 swing low. Besides, there was a break above a key contracting triangle with resistance near $139 on the hourly chart of ETH/USD. The pair climbed higher and tested the $141 resistance area. It represents the 61.8% Fib retracement level of the recent decline from the $144 swing high to $137 swing low. In the short term, there could be a few swing moves above $138. However, the price is likely to climb above $141 and $142 in the coming sessions.

On the upside, the main resistance is near the $144 level, above which the price could target a new monthly high. The next key resistances are near the $148 and $150 levels. On the downside, an initial support is at $138. If there are more losses, the price may struggle to stay above the $137 support zone.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price likely completed a downside correction near the $137 level. If buyers gain pace above the $141, there could be a solid upward move towards the $144 and $148 levels. Conversely, a downside break below the $137 support and 100 SMA could trigger more downsides in the near term.

ETH Technical Indicators

  1. Hourly MACD – The MACD for ETH/USD just moved back in the bullish zone.
  2. Hourly RSI – The RSI for ETH/USD climbed back above the 50 level and it is testing the 60 level.
  3. Major Support Level – $137
  4. Major Resistance Level – $141

The views and opinions expressed in this article Ethereum Price Analysis: ETH Targets New Monthly High do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research. In rounding off this piece Ethereum Price Analysis: ETH Targets New Monthly High, here’re the Top prominent words: $139 On The Hourly Chart. $144 Swing High To $137. Analysis ETH Targets New Monthly. Break Above A Key Contracting. Contracting Triangle With Resistance. Decline From The $144 Swing. ETH Targets New Monthly. Ethereum Price Analysis. Ethereum Price Analysis ETH. Ethereum Price Analysis ETH Targets. Fib Retracement Level. Hourly Chart Of ETH/USD. Key Contracting Triangle. Key Contracting Triangle With Resistance. Level Of The Recent Decline. Price Analysis ETH. Price Analysis ETH Targets. Recent Decline From The $144. Swing High To $137 Swing. Triangle With Resistance Near $139.

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