Ethereum is still facing a strong resistance near the $142 and $144 levels against the US Dollar. A successful close above $144 could start a strong increase in ETH price in the near term.
- Ethereum is struggling to gain bullish momentum above the $142 zone against the US Dollar.
- The price is currently trading nicely above the $135 support and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $142 on the hourly chart of ETH/USD (data feed via Kraken).
- The bulls are likely to make another attempt to clear the $142 and $144 resistance levels.
Ethereum Price Trading in a Positive Zone
Yesterday, we discussed the importance of the $142 and $144 resistance levels for Ethereum against the US Dollar. Recently, ETH price made another attempt to clear the $142 hurdle, but it failed.
A swing high is formed near $142 and the price is currently correcting gains. It traded below the 23.6% Fib retracement level of the recent rise from the $133 low to $142 high.
It seems like there is a key declining channel forming with resistance near $142 on the hourly chart of ETH/USD. An initial support on the downside is near the $138 level. The first major…
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Author: Aayush Jindal