A Powerful Uptrend Forming For ETH
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A Powerful Uptrend Forming For ETH

January 7, 2020      Cryptoknowmics

The price of ETH/USD is on the upside by about 5 percent and is over major resistances close to $140. The price of ETH increased following a surge in the price of BTC and XRP by 5 percent and 12 percent respectively.

This week, ETH’s price surpassed the $135 hurdle against the USD. Further, BTC and XRP began a powerful upsurge within the previous few sessions, thereby rallying over $7,800 and $0.2150 respectively.

ETH stayed in a positive zone and obtained momentum over the hurdle zone at $138. In recent times, the price surged over the hurdle at $140 and closed over the 100 hourly SMA.

It was able to form a new high this year close to the $145 level and it is now consolidating gains. A look at the upside on its chart shows the preparation for an upsurge over the $145 hurdle. The ability of the buyers to obtain momentum over the hurdle at $145 may easily take the price towards the hurdle at $150.

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The immediate major hurdle over $150 is close to $158. A surge over the $158 resistance could position the price for more upsides towards $167.

Soon, a downside retracement may occur in ETH under $143. Nevertheless, the price may be supported at $142 level. The major support zone is close to the $140 level.

Likewise, a look at the hourly chart of ETH against the USD shows the formation of a key bullish trend line with support close to $138. The buyers could possibly prevent any additional declines following a dip towards the trend line or $140.

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