Ethereum Price Analysis: ETH/USD Rally Isn’t Over, Just How Nigh Is $170?

By John Isige
Published April 3, 2020 Updated April 3, 2020
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Ethereum Price Analysis: ETH/USD Rally Isn’t Over, Just How Nigh Is $170?

By John Isige
Published April 3, 2020 Updated April 3, 2020
  • Ethereum price tackles the resistance at $150 for the second time since March 12 crash but fails to sustain the uptrend to $160.
  • ETH/USD holds above the support at $140; more bullish action expected as the technical picture remains bullishly intact.

Ethereum price made a compelling move above the former critical resistance at $140 on Thursday. The bullish momentum was in tandem with Bitcoin price surge to levels close to $7,300. ETH/USD hit levels marginally above $150 but failed to sustain gains leaving the previous high at $153 untested.

At the time of analyzing, ETH/USD is teetering at $141.89. The digital asset has gained a subtle 0.22% on the day. However, the prevailing trend is bearish which means that the sellers will continues to exert pressure on the resistance turned support at $140.

Meanwhile, the general technical picture in both the short term and long term remains healthy. The price is trading above the moving averages with the 50 SMA above the 100 SMA. This shows that the bulls have more say in the direction Ethereum price takes in the near term.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

According to the Relative Strength Index (RSI), Ethereum is not giving up in the fight for lift-off to highs above $170. The step above $150 on Thursday is likely to have confirmed and encouraged buyers that recovery above $170 is a possibility. For now, the RSI is above 70 (in the overbought region). Its gradual upward slope puts emphasis on the growing bullish grip.

If push comes to shove and selling activity increases, $140 is the initial support. Further down, $135 will come in handy while $128 will prevent extended declines under $130. The major support at $124 (last week’s support) is in the position to stop losses below $120.

Intraday Ethereum Key Levels

Spot rate: $141.99

Relative change: 0.3431

Percentage change: 0.25%

Trend: Bearish

Volatility: Low

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1150 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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