- Ethereum’s bullish action stalls at $150 but the technical picture remains positive.
- The former resistance at $148 turns into a vital support for Ethereum.
Ethereum is trading 4% higher on the day following widespread recovery movements across the board. The stubborn selling activity at $148 was smashed this time, allowing Ether to jump above $150.
However, the trend became unstainable, forcing the bulls to take a step back to the market value at $149.19. The former resistance at $148 is currently working as the immediate support. The technical picture remains positively intact with the RSI staying within the overbought territory.
The buyers have no choice but to break the $150 barrier. The move will not only allow them to focus on $160, but also it will remove the risk of plunging back to the support at $142. Other key support areas include $140, $130 and $120. In addition to that, the ascending trendline is in line to offer support if a reversal occurs.
ETH/USD 1-hour chart