Ethereum cryptocurrency exchange rate (ETH) is consolidating in the range above the main support area ($ 135). If buyers manage to defend this barrier, the coin will rise in price to $ 150 by April 2.
Key Points
⦁ The level of ETH/USD volatility keeps declining because the price of an asset fluctuates within a declining triangle.
⦁ A bullish trend line with support at around $ 135 is formed on the hourly chart.
⦁ The high liquidity zone is located at a level of $ 157.
Over the past three sessions, the bulls have made several unsuccessful attempts to gain a foothold above the resistance barrier at $ 142. Buyers could not seize the initiative, so the price of ETH fell to an average of 100 hours ($ 135), which acts as a key support area and is at 50% Fib level recorded during the pomp of the coin’s rate from $ 120 to $ 144.
If sellers break through the barrier at $ 135, then the price of ETH will drop sharply to $ 130 and then to $ 128. The next powerful support zone is located at $ 120. Therefore, Ethereum could potentially fall in price to $ 120.
When Will Ethereum Start To Rise?
The triangle lines intersect on March 28th. The lower border of the figure is formed by an upward trend that arose on March 16. The upper is a bearish trend, which started on March 20. Until March 28, the Ethereum rate should not fall below $ 130, the upper bar is located at around $ 139. Over the next two sessions, consolidation will occur in anticipation of a triangle breakout. It is highly likely that the older trend, the bullish one, will win, as the high liquidity zone is in the region of $ 157.
The upward movement towards $ 150 will meet resistance at three levels: $ 142, $ 144 and $ 148. If the bulls break through $ 150. The rate may well rise to $ 158, however, we should expect a pullback up to $ 150.
Technical indicators:
⦁ 4 hours MACD is in the area of a bearish trend.
⦁ 4 hours RSI is above 50 (in the neutral area).
⦁ The main support level is $ 135.
⦁ The main resistance level is $ 144.
⦁ Nearest pivot points: $ 125 and $ 145.
Source: en.bit.news
