ETH/USD Technical Analysis: Price breakout on the horizon

ETH/USD daily chart

• ETH/USD is currently trading at $133.
• The bulls and bears were matched evenly this Thursday. The bears managed to eke out a victory.

ETH/USD 4-hour chart

• The ETH/USD 4-hour chart is trending inside the green cloud of the Ichimoku indicator which shows that the market is ready for a breakout.
• The last six sessions of the Elliot wave shows a bullish disposition. However, each session is gradually decreasing in intensity.

ETH/USD hourly chart

• The hourly ETH/USD is sandwiched between the 20-day simple moving average (SMA 20) and SMA 50 curves.
• The market shows lower volatility as per the 20-day Bollinger band and the moving average convergence/divergence (MACD).
• The last session made the price sit right on top of the SMA 20 curve.

Key Levels

• Resistance 3: $137.65
• Resistance 2: $136.21
• Resistance 1: $134.54
• Pivot Point: $133.09
• Support 1: $131.43
• Support 2: $129.98
• Support 3: $128.32