Ethereum price made a compelling move above the former critical resistance at $140 on Thursday. The bullish momentum was in tandem with Bitcoin price surge to levels close to $7,300. ETH/USD hit levels marginally above $150 but failed to sustain gains leaving the previous high at $153 untested.
At the time of analyzing, ETH/USD is teetering at $141.89. The digital asset has gained a subtle 0.22% on the day. However, the prevailing trend is bearish which means that the sellers will continues to exert pressure on the resistance turned support at $140.
Meanwhile, the general technical picture in both the short term and long term remains healthy. The price is trading above the moving averages with the 50 SMA above the 100 SMA. This shows that the bulls have more say in the direction Ethereum price takes in the near term.
ETH/USD 4-hour chart
According to the Relative Strength Index (RSI), Ethereum is not giving up in the fight for lift-off to highs above $170. The step above $150 on Thursday is likely to have confirmed and encouraged buyers that recovery above $170 is a possibility. For now, the RSI is above 70 (in the overbought region). Its gradual upward slope puts emphasis on the growing bullish grip.
If push comes to shove and selling activity increases, $140 is the initial support. Further down, $135 will come in handy while $128 will prevent extended declines under $130. The major support at $124 (last week’s support) is in the position to stop losses below $120.
Intraday Ethereum Key Levels
Spot rate: $141.99
Relative change: 0.3431
Percentage change: 0.25%
Trend: Bearish
Volatility: Low
