The price of ETH against the USD obtained powerful bids close to the support at $122 before it began a modest move to the upside. The price obtained bullish momentum over the hurdle at $130 to lay the foundation for additional upsides.
Further, it broke over the hurdle at $135 and closed over the 100 hourly SMA. It eventually surged towards $138 prior to the beginning of a downside retracement.
A look at the downside on the hourly chart of ETH against the USD revealed several support levels close to $132 and $130. A crucial observation is the formation of a major bullish trend line with support close to $131. In addition, $130 is a powerful support and the 100 hourly SMA.
Hence, it could begin another decline if it closes under the support at $130. A look at the upside reveals a first hurdle close to a zone between $137 and $138.
The price may keep accelerating higher if it breaks above the $138. The immediate key hurdle is close to $144 and a move over it could lead to an upsurge towards the hurdle zone at $150.
News source: Ethereum Price Surges By 5%