Ethereum market overview: ETH/USD powering up as the bulls eye $150

• ETH/USD bullish momentum stepped above $144 but was cut short slightly above $146on Saturday.
• The downside shows initial support at the 50% Fib level and the 100 SMA 1-hour.

ETH/USD opened the trading at $139.80 before correcting to highs around $142.99. The just-concluded weekend session saw Ethereum record incredible gains from a low at $132. The bulls increased their grip on the market as the price scaled the levels above $140. Further bullish momentum stepped above $144 but was cut short slightly above $146on Saturday.

Ethereum short-term outlook is bullish and supported by the high trading volumes. According to the data on CoinMarketCap, volume has managed to stay above the $4 billion mark in the last seven days. Besides, the 24-hour trading volume currently stands at $4.1 billion with a market cap of $14 billion.

The correction from the swing high at $146.13 could not find support at the 61.8% Fib level 1-hour chart. ETH/USD extended the losses below $140 before embracing the short-term support at $137.19. At the moment, Ethereum is changing hands at $138 following a 0.89% drop on the day.

The ongoing bullish correction will face some resistance at the 61.8% Fib level, which coincides with the 50 SMA 1-hour at $140. Further correction upwards must clear the stubborn resistance at the swing high for a correction to the next target at $150. The downside shows initial support at the 50% Fib level and the 100 SMA 1-hour. In case of declines progress, expect Ethereum to find support at $132, $130 and the major support at $100.

ETH/USD 1-hour chart