Ethereum price declined heavily before it found support near $135.00. ETH/USD is currently consolidating losses and it remains at a risk of more losses as long as below $152.00.
- Ethereum price corrected a few points, but it failed near the $144.00 resistance.
- ETH/USD could face resistance near $148.80 and a bearish trend line at $152.00 on the 30-minute chart.
- The price could extend the recent drop unless buyers push the price above the $152.00 resistance.
Ethereum Price Analysis
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Looking at the 30-minute chart of ETH/USD, the pair settled below the key $152.00 pivot level and the 25 simple moving average (30-min). A low was formed at $134.59 and later the price started a short term upside correction.
The price corrected above the $138.00 and $140.00 levels. There was also a push above the $142.00 level and the 23.6% Fib retracement level of the last downside move from the $170.00 high to $134.59 low. However, buyers failed to gains strength above the $144.00-145.00 zone.
A high was formed at $144.78 and later the price started trading in a range. It seems like ETH is preparing for the next move, which could be either towards the $152.00 resistance or below the recent low at $134.59.
On the upside, there is a strong resistance zone formed near $148.80 and $152.50. Besides, the 50% Fib retracement level of the last downside move from the $170.00 high to $134.59 low is near the $152.50 level.
Therefore, if there is an upward move, the price could face resistance near $148.80 and a bearish trend line at $152.00. A successful close above the trend line is must for buyers to gain traction and push the price above the $155.00 level.
On the other hand, if Ethereum price fails to break $145.00 or $152.00, there could be a fresh decline. On the downside, the main supports for ETH buyers are near $135.00 and $130.50.
The market data is provided by TradingView, Bitfinex.