Ethereum Price Analysis: ETH Could Make a Sustained Move Higher

ETH price managed to stay above the $130 support level and recovered above $132 against the US Dollar. There were swing moves near $130 before the price settled above the $132 pivot level. This week’s important bearish trend line was breached with resistance at $131 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now facing a solid resistance near the $134 level and it could extend gains in the near term.

Ethereum price spiked a few times higher against the US Dollar and bitcoin. ETH formed a solid support near $130 and it may climb higher above the $134 and $135 resistance levels.

Ethereum Price Analysis

Yesterday, we saw a few swing moves near the $130 level in ETH price against the US Dollar. The ETH/USD pair spiked sharply below the $130 and $129 levels and later recovered above the $130 level. Later, there were consolidation moves before the price climbed above the $131 and $132 resistance levels. More importantly, there was a close above the $132 resistance and the 100 hourly simple moving average.

During the upside, this week’s important bearish trend line was breached with resistance at $131 on the hourly chart of