Thursday, 2 April 2020

Ethereum Aiming For a Breakout Above $140

By John Isige 

  • Ethereum price bounces off support at $128 to tests the critical resistance at $140.

  • ETH/USD remains bullish while aiming for a breakout above $140 with buyers’ eyes glued on $150.


     Ethereum buyer keenly defended the support at $124 following the breakdown over the weekend. Recovery this week initially stalled under $136. Consolidation took over between the 50% Fibonacci level and the 61.8% Fibonacci level of the last swing high at $144.11 to a swing low at $119.22. 

    A slight dip under $130 on Wednesday bounced off new support at $128. The bullish action broke above the 50 Simple Moving Average and the 100 SMA in the 1-hour range. ETH/USD zoomed towards $140 but hit a wall at $138.97 (on Coinbase) cutting short the bullish momentum. 
Ethereum Price Chart Source: CoinGecko

At the time of writing, Ethereum is trading at $137.11 following a 0.75% growth on the day. The bulls are working on extending the leg above $140 in anticipation of a breakout towards $150.


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