ETH Price From New Highs 166$ To 133$
ETH Price could go anywhere from here. Trading at 137$, ETH USD pair is facing heavy resistance near 140$. Based on chart patterns, symmetrical triangle seems to have built-up, meaning we are in consolidation phase which will make either of the groups – bull or bear difficult to take over from other.
Therefore, ETH price fluctuations will continue for a few more hours between the support level at 134$ and the resistance level at 137$ until one group emerges as a clear winner.
According to both hourly MACD and RSI indicators, the short term trends are more in favor of bulls. If bulls could defend the ETH price at 134$ and push above 140$, we could see continued gains to test 148$. However, a break below 134$ support level would trigger further losses to test second support at 124$.
Technical indicators:
- Chart pattern: Symmetrical Triangle, consolidating between price range 134-137$. It could go anywhere from here.
- Hourly RSI and MACD maintained at healthy levels. Therefore, the price movement currently seems to support bulls for the short-term.
