ETH bulls build massive buy wall as Ethereum price action grows bullish
The Ethereum price is showing positive signs above the $ 142 and $ 140 support levels. Predicting ETH is likely to break $ 148 and $ 150 to start a new rally, especially if Bitcoin rises over $ 8,200.
Ethereum buy wall may be enough to spark a rally
At the press time, Ethereum is trading around $ 142, recording a slight 2% decline in the last 24 hours. Over the past few sessions, Ethereum has been mostly consolidating within the range above the $ 140 support level. Moreover, the ETH price settled above the $ 141-142 zone and the simple moving average of 100 hours.
However, the $ 148 resistance zone is still a significant barrier. One factor that needs to be considered carefully shortly is that ETH currently has a large buying wall of around 35,000 ETH on OKEx.
— Su Zhu (@zhusu) January 12, 2020
A clear break above the $ 148 resistance level will likely set the pace higher than the $ 150 and $ 152 resistance levels in the near term. The next significant resistance is seen near $ 158.
What happens if Ethereum price cannot break out of the $ 148 resistance?
On the other hand, the first significant support is near the $ 142 level, below the price of Ethereum, that can retest the $ 140 support level. Any further losses below the $ 140 support level and the 100-hour SMA may begin to decline significantly for $ 132.
Looking at the chart, the price of Ethereum is struggling to overcome the $ 148 resistance level. It must be said that market sentiment favors bulls, potentially triggering a new rally above $ 148.
An OKEx buy wall of such magnitude, if it is still on the order book, will undoubtedly enhance the price rise of Ethereum.
Livercoin analyst said there are two primary resistance levels that ETH may soon target, at $ 180 and $ 280, respectively.
decent S/R flip on $ETH against dolla
wouldn’t short that pic.twitter.com/UDYyXBtQey
— Livercoin (@livercoin) January 10, 2020
The massive wall of Ethereum buying combined with the new support/resistance level of $ 133 has created a bullish picture, signaling that the cryptocurrency may soon see significant price increases.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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