ETH Price Analysis – $160 or $138

Yesterday the ETH USD pair rallied above the $138 resistance levels to reach its new highs near 148$ where the bearish reaction was triggered.

Currently trading at 144$, ETH USD pair is facing heavy resistance near 148$. If bears continue to gain strength, they may try to push it further down to 138$. At the moment, the price is consolidating near $144 – $147 levels.

Based on the trends in the past few sessions and by comparing 61.8% Fib retracement level from the previous swing low at 140$ to high 150$, the price currently seems to be supported near 144$.

On the other hand, if bulls gain traction and push the price above $148-$150 resistance levels, we may see ETH rally to test new highs near 160$.

As per the technical indicators, hourly MA (50,200) shows a healthy trend, however, both hourly RSI and MACD indicate a bearish trend is forming. Therefore, the correction is expected in the interim period. A pullback to 138$ level highly expected.

Note: In the following sessions if the price drops further from 138$ level, the next support is at 124$. This support level (124$) coincides with the chart trends observed in the last 7 days and the 50% Fib retracement level from $100 low to $150 high.