- Ethereum price looks forward to rising triangle breakout following the consolidation around $140.
- ETH/USD has a short term bullish bias based on the up-trending RSI.
Ethereum price is stuck under a key resistance (seller congestion zone) between $140 and $142. While the resistance at $142 is a hard nut to crack, sustaining gains above $140 is an uphill task as well. ETH/USD is, however, stable above the initial support at $135. Moreover, the ongoing consolidation is likely to pave the way for a rally targeting the psychological level at $200.
Ethereum Triangle Pattern Breakout
Ethereum is trading within the apex of a rising triangle pattern. The resistance at $150 has been impenetrable accept for the spike on Friday when Ether hit highs at $155. A break above this resistance is likely to boost the bulls’ effort, in turn, placing Ethereum into an incredible trajectory heading to $200.
ETH/USD 1-hour chart
At the time of writing, Ethereum is trading at $138.83 while supported initially by the 50 SMA in the hourly range and the 100 SMA at $134.48. The Relative Strength Index (RSI) uptrend shows that the bulls are in control as it reaches out above the average (50). Ethereum still has vast room for growth before it hits overbought conditions.
On the downside, support is expected at $120 and $110. The zone at $100 remains to be critical for the second-largest crypto while $90 is the primary support area. For now, the best the bulls can do is to pull above $140 and form high support (preferably above $142). The focus must also shift to $200 especially when the triangle resistance is overcome.
Ethereum Key Levels
Spot rate: $138.83
Percentage change: -0.17%
Relative change: -0.20