Bulls stepped and pumped Ethereum’s price above the $135 resistance and the 100 hourly simple moving average when they saw the cryptocurrency trading at $128.85.
The report added:
It broke the 23.6% Fib retracement level of the recent rally from the $129 swing low to $139 high. On the downside, the previous resistance near the $135 level is now likely to act as a major support area for Ethereum in the near term.
As of press time, CoinMarketCap data shows that Ethereum is trading at $137.97.
In the event that Ethereum’s price declines, the report noted that the cryptocurrency will possibly trade near the $135 support zone.
Bulls can expect to continue staying in control if Ethereum’s daily close does not reach below $130.