ETH Price Analysis – Rallies Above Key Resistance, Next Target $148

In the past few sessions, ETH USD pair gained strength and broke key resistance levels at 124$ and $128. The price reached 138$ near the 61.8% Fib retracement level from previous month 100$ low to 160$ high.

Currently trading at 134$, ETH price is gaining strength above the $132 support level. The 23.6% Fib retracement level of the recent wave from $115 low to $138 high is near $132, confirming 132$ as interim support.

Based on recent trading activity, sellers are active near 138$ price. If bulls break resistance at 138$, we may expect further gains in the coming sessions and see upside continuation to new target 148$.

On the other hand, if bulls fail to defend the $132 support, there could be a further downtrend. If this happens, we may test the key support level at $124. As long as prices are above this critical level, Bulls remain in action.

The hourly RSI for ETH USD pair is currently (above 70) at the overbought levels, however, based on hourly MACD and MA (50, 200) indicators, both signals suggest continued bullish trend.

Also, current ETH prices are well above the 100-day simple moving average. Therefore from the combination, it seems no major corrections are expected at the moment.