Ethereum price extended losses below the $140.00 level and traded towards $125.00. ETH/USD is currently consolidating above $127.00 and is preparing for the next move.

  • Ethereum price declined further and traded close to the $125.00 support zone.
  • ETH/USD is trading below two bearish trend lines with resistance at $140.00 and $144.00 on the 30-minute chart.
  • The price must break the $144.00 and $145.00 levels to recover in the short term.

Ethereum ETH Price

Ethereum Price Analysis

The past few sessions were extremely bearish for Ethereum as its price settled below the $150.00 support. Later, sellers gained traction and pushed the price below the $140.00 and $135.00 support levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded towards the $125.00 level and settled below the 25 simple moving average (30-min). A new yearly low was formed at $127.00 and later the price recovered sharply.

The price jumped above the $140.00 and $145.00 levels, but the $150.00 level acted as a solid barrier and protected more gains. An intraday high was formed at $150.55 and the price declined once again below $140.00 and $130.00.

A new low was formed at $126.28 and the price is currently consolidating losses. It moved above the $135.00 level and the 23.6% Fib retracement level of the recent drop from the $150.55 high to $126.28 low.

However, there are many hurdles for buyers on the upside near the $140.00 level. More importantly, there are two bearish trend lines in place with resistance at $140.00 and $144.00 on the same chart.

An intermediate resistance is near $141.00 and the 61.8% Fib retracement level of the recent drop from the $150.55 high to $126.28 low. Therefore, if the price corrects higher, it could face many sellers near $140.00, $141.00 and $144.00.

A successful close above $144.00 is needed for Ethereum price to recover nicely in the coming sessions. On the flip side, if ETH fails to surpass the $144.00 resistance, the price could decline below $127.00 and $126.00. The next main support is at $122.00 followed by $115.00.

The market data is provided by TradingView, Bitfinex.



Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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