Ethereum ballistic rise breaks $150 hurdle
- Ethereum gains 7% on the day to surpass XRP and become the 2nd largest digital asset.
- ETH/USD breaks from narrow range to stay above $150.
Ethereum performance simply incredible. It a good way to start the new year with gains in the excess of 7% in less than 24 hours. The gains come at a time when the traders are trying to settle into the new and looking towards what the new year holds. As predicted in an earlier published price analysis, Ethereum has finally broken above the hurdle at $150.
The crypto is trading at $152.59 after it opened the day’s trading at $142.84. Ethereum has also escaped the narrow range resistance with the upper limit at $150 and the range support at $124.60. The current price is above the Simple Moving Averages (50 SMA and 100 SMA) on the hourly chart; both of which will work as support lines in case price reverses the trend.
The bullish break has brought $160 into sight and the positive technical indicators show that the price will continue to move higher in the near term. Looking at the chart, ETH/USD will find a support at $140 as well as $130 if a reversal occurs. The above mentioned range support will aslo come in handy.
ETH/USD 1-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
