- Ethereum price is stuck between a critical resistance at $133.12 and key support at $131.74.
- Ethereum bulls look forward to a break above $133.12 as it could pave the way for a rally above $140.
Ethereum price is struggling to hold the ground above the 50 SMA in the 4-hour range. The entire cryptocurrency market has a bearish bias. However, Ethereum bulls are focused on rising above the resistance at $140. ETH/USD is trading at $132 after buyers defended the initial support at $130 on Tuesday.
The 4-hour chart shows the MACD sitting comfortably in the positive region. This follows a recovery from lows at -23 reached on March 12 when Ether crashed to $90. A visible weekend bullish divergence from the MACD emphasizes the influence buyers have over the price.
ETH/USD 4-hour chart
Ethereum price confluence levels
The confluence detector tool places Ethereum between a key support and a critical resistance zone. It is essential that the support at $131.74 is defended at all costs while the focus goes towards tackling the resistance at $133.12. The various technical indicators in the resistance zone include the Fibo 61.8% one-day, the previous high 15-minutes, SMA 100 15-mins, the Bollinger Band 1-hour middle and the previous low 4-hour. A break above this zone would allow a significant breakout above $140 as long as the buyers can clear the minor hurdle at $135.87.
On the flip side the vital support lies at $131.74 highlighted by the BB 1-hour upper curve, the SMA 100 1-hour, the previous low 1-hour, the pivot point one-day support one and the SMA five one-day. If the losses break through $130, $128.99 will come in handy to stop a return to levels at $124 or even $120.