This past week, the ETH price made some bullish moves above $132 against the USD. The coin rallied towards the $135 level, later corrected lower, and eventually trading higher with a positive bias above the $135 level.

The price formed a new yearly high near $148 and began a downward correction. There was a break below the 23.6% Fib retracement level of the uptrend from the $135 low to $148 high.

However, the drop was protected by the $140 pivot area and the price is now well above the 100 simple moving average (4-hours). Moreover, there is a strong support formed at the 50% Fib retracement level of the uptrend from the $135 low to $148 high.

Notably, there is this formation of a key bullish trend line, with support near $140, on the 4-hours chart of ETH/USD. A downside break below the $138 trend line could trigger a strong decline.

On the upside, there are key resistances near the $145 and $148 levels. A clear break above the $148 level could trigger a bullish break above the $150 level in the coming sessions.

The main support on the downside is close to the $137 level and the 100 simple moving average. Should there be a downside break below the $137 and $135 levels, a clear bearish break could be triggered.

Thus, a successful break and close below the $135 level might also trigger a fresh decline. The next major support is close to $130, below which it may perhaps set the pace for a push towards the $125 level.

A close look at the ETH price chart indicates that it is showing a lot of positive signs above $135 and it likely to surge above the $150 level.

Technical indicators also suggest that the 4 hours MACD for ETH/USD is gaining strength in the bullish zone. Its 4 hours RSI is currently well above the 50 level. Major support level is at $135, whereas major resistance level is also at $148.