On the downside, there are many supports for Ethereum near the $132 and $130 levels. Besides, the 50% Fib retracement level of the recent rally from the $127 low to $138 high is near the $132 level.
More importantly, there is a key bullish trend line forming with support near $131 on the hourly chart of ETH/USD. Additionally, the $130 level is a strong support along with the 100 hourly simple moving average.
Therefore, a successful close below the $130 support might start a fresh decline. On the upside, an initial resistance is near the $137-$138 area.
If there is a break above the $138 high, the price is likely to accelerate higher. The next major resistance is near the $144 level, above which the price will most likely climb towards the $150 resistance area.
Looking at the chart, Ethereum price is clearly trading nicely in an uptrend above the $130 and $132 resistance levels. Thus, there are high chances of more gains above the $138 and $140 levels.