Ethereum price declined heavily from the $163.50 swing high and traded below $140.00. ETH/USD is currently holding the $125.00 support, but buyers seem to be struggling.

  • Ethereum price is facing a lot of hurdles near the $134.00 and $144.00 resistances.
  • ETH/USD is following a short term declining channel with resistance near $134.00 on the 30-minute chart.
  • The price may decline further if buyers fail to defend the $124.00 and $120.00 support levels.

Ethereum ETH Price

Ethereum Price Analysis

This past week, we saw a solid upward move above the $150.00 barrier in Ethereum price. The price even cleared the $160.00 resistance and formed a new monthly high at $163.50.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair started a major downside move from the $163.50 high. Sellers took control and pushed the price below the $155.00, $150.00 and $142.00 support levels.

There was even a close below the $140.00 support and the 25 simple moving average (30-min). The price traded as low as $124.50 and later started trading in a range. There was a short term correction above the $138.00 and $140.00 levels.

Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $163.50 high to $124.41 low. However, they struggled to gain pace above the $140.00 resistance and the 25 SMA.

Besides, there was no proper test of the 50% Fib retracement level of the recent decline from the $163.50 high to $124.41 low. ETH/USD traded as high as $141.65 recently and later declined below $140.00 and $138.00.

At the moment, the price is following a short term declining channel with resistance near $134.00 on the same chart. If the price breaks the channel resistance, there is a chance of an upward move towards the $140.00 and $144.00 resistance levels.

On the other hand, a downside break below the $124.50 low in Ethereum price may clear the path for more losses. The next key support is at $118.00, below which ETH could tumble and test the $100.00 support area.

The market data is provided by TradingView, Bitfinex.



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Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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