- ETH price corrected lower and tested the $136-137 support area against the US Dollar.
- The price is currently recovering and it may continue to rise above $141 and $144 in the near term.
- This was a break above a key contracting triangle with resistance near $139 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to climb above the $144 resistance area to trade to a new monthly high.
Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH could extend gains once it breaks the $141 and $144 resistance levels in the coming sessions.
Ethereum Price Analysis
This past week, we saw a nice upside move above the $134 and $140 resistances in ETH price against the US Dollar. The ETH/USD pair traded close to the $144 level and later started a downside correction. There was a break below the $140 and $138 levels. It traded close $137 level and formed a low just above the $136 level. The price also stayed above the 100 hourly simple moving average, with a positive angle above $134.