RATE Group | ETH/USD bullish action eyes $140 hurdle
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ETH/USD bullish action eyes $140 hurdle

23 Dec ETH/USD bullish action eyes $140 hurdle

Posted at 14:05h in Ethereum News by

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  • Ethereum sustains bullish action emanating from the generally impressive weekend session.
  • A break out of the descending channel resistance could place Ether in a trajectory eyeing $160.

Ethereum is relatively in the green toward the end of the Asian session on Monday. The sustained bullish action emanates from the just-concluded weekend session which saw major cryptocurrencies including Bitcoin Ethereum and Ripple correct high above key support zones.

The second-largest cryptocurrency in the market has recovered significantly from the previous dip to $116. The asset not only defended the descending channel support but reclaimed several support zones, starting at $120, $125 and $130.

The price is trading above the Moving Averages whereby the 200 SMA is in line to offer support at $131.56 on the hourly chart and the 50 SMA at $128.96. Ethereum is exchanging hands a $134 and looking forward to breaking above $140 resistance. Moreover, a break above the channel…

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