Ethereum Price Analysis – A Major Breakout Pattern is Forming

Ethereum price is trading above the key $145 level with a major breakout pattern forming with support near $148 on the 4-hours chart.

Ethereum Price Medium-Term Analysis

On November 30, the price of Ethereum (ETH) declined after it failed to climb above the $158 and $160 resistance level. As a result, the $145 and $146 levels provided support. A swing low was formed near $146 and the price started correcting recent losses. It recovered above the $150 level, but it struggled to clear the $152 resistance.

At the time of press, Ethereum price is changing hands at the $146 support level. Most importantly, there is a major breakout pattern forming with support near $148 on the 4-hours chart.

On the downside, if there is a downside break below the $146 support, the coin finds support at the $140 and $135 level. Conversely, if more buyer emerges, Ethereum price could rally above the $150 and $152 resistance levels.

Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.

ETHUSD Price Short-Term Analysis

On the 1-hour chart, ETHUSD price is slowly moving in the bullish trend zone. Thus, it could either rally above $150 or attempt a downside break below the $146 support level. The next major support is near the $142 level.

Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

• Resistance Levels: $150, $155, $160
• Support Levels: $146, $140, $138

Disclaimer

Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.