A Key Trend Is Forming For Ethereum and A Swift Rally Could Occur

Ethereum is trading nicely above the key $140 support zone against the US Dollar. ETH price is showing a few positive signs and it could attempt to rally above $145.

Ethereum is currently consolidating above the $140 support area against the US Dollar.
The price is still struggling to gain bullish momentum above the $145 resistance.
There was a break above a major bearish trend line with resistance near $142 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase as long as it is above the $140 support and the 100 hourly SMA.

Ethereum Price Could Rally Soon
Recently, Ethereum made another attempt to surpass the $145 resistance against the US Dollar, but it failed. ETH price formed a swing high near the $146 level and declined below $142.
However, the decline was protected by the main $140 support and 100 hourly simple moving average. The price is currently rising and trading nicely above the $142 level.
There was a break above the 50% Fib retracement level of the recent decline from the $146 swing high to $140 low. More importantly, there was a break above a major bearish trend line with resistance near $142 on the hourly chart of ETH/USD.
Ethereum Price
Ethereum tested the $145 resistance once again, but failed to extend its rise. It seems like the 76.4% Fib retracement level of the recent decline from the $146 swing high to $140 low is currently protecting an upside break.
If there is a clear break and close above the $145 resistance, the price could rise steadily above the $148 level. The next stop for the bulls could be near the $150 resistance, above which the price is likely to grind towards the $155 and $158 levels in the near term.
Dips Remain Supported
On the downside, Ethereum is likely to remain well bid above the $140 support area and the 100 hourly simple moving average. If the price fails to stay above the $140 support, it could start a nasty decline.
The next support is near the $135 level, below which there is a risk of a downside extension towards the main $124 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and approaching the 50 level.
Major Support Level – $140
Major Resistance Level – $145
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.

Source: https://www.newsbtc.com/2020/04/06/ethereum-swift-rally-could-occur-2/

Stay up to date

on all important crypto news!

The most important news, once a week. No spam.