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Cryptoknowmics
Dec 30, 2019
by Cryptoknowmics

Ethereum Price Surges By 5%

Ethereum
The price of ETH against the USD obtained powerful bids close to the support at $122 before it began a modest move to the upside. The price obtained bullish momentum over the hurdle at $130 to lay the foundation for additional upsides.

Further, it broke over the hurdle at $135 and closed over the 100 hourly SMA. It eventually surged towards $138 prior to the beginning of a downside retracement.

A look at the downside on the hourly chart of ETH against the USD revealed several support levels close to $132 and $130. A crucial observation is the formation of a major bullish trend line with support close to $131. In addition, $130 is a powerful support and the 100 hourly SMA.

Hence, it could begin another decline if it closes under the support at $130. A look at the upside reveals a first hurdle close to a zone between $137 and $138.

The price may keep accelerating higher if it breaks above the $138. The immediate key hurdle is close to $144 and a move over it could lead to an upsurge towards the hurdle zone at $150.

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Ethereum Price Surges By 5%
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