Ethereum started an upside correction above the $130 resistance against the US Dollar, similar to bitcoin. However, ETH price is facing a few key hurdles near $150 and the 100 SMA (H4).
ETH price is currently trading nicely above the $120 and $125 support levels against the US Dollar.
The price is likely to move higher in the short term towards the $150 resistance.
There is a key bullish trend line forming with support near $126 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to face a strong selling interest near $150 and the 100 simple moving average (4-hours).
Ethereum Price Forming Supports
Earlier this month, Ethereum declined heavily below many supports near $120 and $100 against the US Dollar. ETH price even settled well below the $150 level and the 100 simple moving average (4-hours).
It traded to a new 2020 low at $90 and recently started an upside correction. There was a recovered above the $100 and $110 levels. Later, there was a support base formed above $120 and the price climbed above the $130 resistance level.
The bulls were able to gain strength above the $140 level, but they struggle to remain in action above the $150 level. A swing high is formed near $153 and the price moved down.
There was a break below the 50% Fib retracement level of the recovery wave from the $101 low to $153 high. On the downside, the $120 area is acting as a key support. There is also a key bullish trend line forming with support near $126 on the 4-hours chart of ETH/USD.
The 61.8% Fib retracement level of the recovery wave from the $101 low to $153 high is also acting as a decent support. It seems like Ethereum is forming a couple of solid supports near the $120 level.
If there is a downside break below the trend line and $120, the price is likely to revisit the $100 support in the near term.
Hurdles on the Upside
On the upside, Ethereum is facing a couple of important hurdles, starting with $140 and $142. The main hurdle is near the $150 level and the 100 simple moving average (4-hours).
If the bulls gain strength above the $150 and $155 levels, the price could surge towards the $180 resistance area.
4 hours MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $120
Major Resistance Level – $150