- Ethereum (ETH) rides along with Bitcoin (BTC)
- Ethereum bulls are eyeing the $145 resistance level
- Ethereum surges higher against BTC and the US dollar
Ethereum News Today – The recent upsurge in the price of Bitcoin has had a positive effect on the digital currency market. The majority of coins in the market are trading in the green at the time of writing. One of the top performers among the top ten cryptos is Ethereum (ETH). Ethereum is surging over key resistances against the USD. ETH is also surging higher against Bitcoin (BTC). The price of the digital currency seems to be aiming towards the $145 and $150 hurdle points.
Ethereum (ETH) Bulls Eye the $145 Resistance Level
Ethereum has been following the price trend of Bitcoin strongly. Recently, when BTC plunged and formed a new low, Ethereum (ETH) did the same thing. The digital currency extended its downtrend to test the $125 support level. Ethereum (ETH) found strong support close to the $125 mark, which resulted in a continuous rise over the $128 support level.
Ethereum (ETH) Price Today – ETH / USD
Furthermore, the price of the digital currency surged over the 50 percent Fibonacci retracement level of the previous swing from the high of $138 to the low of $125. This paved the way for more gains over the $130 level and the 100 simple moving average. More importantly, the digital currency broke over a major declining channel or bullish flag with hurdle close to $130 on the 4-hour chart of Ether against the USD.
The ETH/USD trading pair is now trading nicely over the $132 and $135 hurdle points. Moreover, the digital currency surged over the 76.4 percent Fibonacci retracement level of the previous swing from the high of $138 to the low of $125. Hence, the digital currency is more likely to continue its upward trend over the last swing high at $138.
The immediate resistance of the digital currency is close to the $140 mark. That level represents the 1.236 Fibonacci extension level of the previous swing from the high of $138 to the low of $125. Nevertheless, the present momentum seems to be very positive, suggesting a clear follow-through over the $142 hurdle towards $145. A break over that level would pave the way for more gains towards the $150 and $155 resistance levels.
Ethereum (ETH) Needs to Hold Key Support to Prevent Declines
On the other hand, Ethereum (ETH) could start correcting lower if it fails to break over the $138 swing high. At press time, the major support of the digital currency is at the $132 mark and the 100 simple moving average. If ETH fails to hold gains over the 100 simple moving average, it might continue its downward trend towards the $128 support level in the short-term.
Nevertheless, Ethereum appears bullish at the moment and the charts are showing that the digital currency is trading in a positive bias with higher chances of breaking over the $145 resistance level in the coming days.