In the recent few sessions, ETH price mostly consolidated in a range above the $140 support against the USD. It settled above the $141-142 region and the 100 hourly simple moving average.

However, the $148 resistance area is still acting as a major hurdle for the bulls. The last swing high was close to $147 and the price is currently correcting lower. It traded below the $145 pivot level.

Besides, there was a break below the 23.6% Fib retracement level of the recent upward move from the $141 low to $147 high. Many supports are at play on the downside, starting with $144.

It seems like the 50% Fib retracement level of the recent uptrend from the $141 low to $147 high is likely to act as a support.

On the upside, there is the formation of key resistances close to $147 and $148. More importantly, there is the formation of a key breakout pattern, with resistance near $147, on the ETH price hourly chart.

Thus, a clear break above the $148 resistance is likely to trigger more upsides above the $150 and $152 resistance levels in the near term. The next major resistance is seen close to $158.

On the downside, the first major support is close to the $142 level, below which the price might retest the $140 support. Any further losses below the $140 support and the 100 hourly SMA may probably trigger a substantial decrease towards the $132 level.

A close look at the ETH price chart shows that the coin is clearly struggling to surpass the $148 resistance. However, the market sentiment is in favor of the bulls, which is likely to trigger a new rally above $148.

Technical indicators also suggest that the hourly MACD for ETH/USD is slowly moving into the bearish zone. Its hourly RSI is currently declining and now below the 50 level. Major support level is at $142, whereas major resistance level is also at $148.