Ethereum price is trading under the key $140 resistance zone. At the same time, the downside is strongly protected at $135. The bulls are in control during the European session. The main goal is to step above the descending trendline resistance and sustain gains above $142 (nest resistance target).
At the time of writing, Ether has a market value of $137.54. The path of is least resistance is to the north. The price is doddering above the moving averages in the hourly range. Initial support is provided by the 50 SMA at 137.54 while the 100 SMA is in a position to curb declines at $133.45.
Ethereum Price Technical Picture
The Moving Average Convergence Divergence (MACD) has taken a breather above the mean line (0.000) after correcting lower from a recent high at +2.81. An upward trending Relative Strength Index (RSI) in the same 1-hour range signals that the bulls are in control. Motion towards the overbought will continue to instill confidence into the buyers, further strengthening the bullish moment. Moreover, a break above the trendline resistance, the hurdles at $140, and $142 could give ETH/USD a kick into the trajectory above $160.
ETH/USD 1-hour chart
The buyers must be careful not to lose sight of higher levels at $160 and $200. This way they will be able to sustain the price above $135 if not $140. In case of increased selling activities, ETH/USD is likely to find support at $120, $110 and $100.
Ethereum Price Key Levels
Spot rate: $136.63
Relative change: 0.22
Percentage change: 0.16%
Trend: Strongly bullish
Volatility: Shrinking
