Ethereum price extended losses below the $135.50 and $133.50 supports. ETH/USD is currently correcting higher, but upsides remain capped near $136.80.

  • Ethereum price declined to a new weekly low at $130.49 before correcting higher.
  • A significant bearish trend line is formed with resistance at $137.00 on the 30-minute chart.
  • ETH price could correct higher towards $136.00 or $137.00, but sellers remain in control.

Ethereum Price

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Ethereum Price Analysis

Yesterday, we discussed renewed risk of more declines in Ethereum price below the $136.70 support. ETH/USD did move down, broke the $135.50 and $133.50 support levels to trade to a new weekly low.

Ethereum Price Analysis ETH Prediction

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $130.49 and settled below the 25 simple moving average (30-min). Later, the price started an upside correction and traded above the $132.00 resistance.

It climbed above the 23.6% Fib retracement level of the recent drop from the $136.81 high to $130.49 low. The price is currently facing resistance near the previous support at $133.50.

The next key resistance is near the $134.80 level, the 25 simple moving average (30-min), and the 61.8% Fib retracement level of the recent drop from the $136.81 high to $130.49 low. However, the main resistance for buyers is near the $135.40-136.70 area.

Furthermore, there is a significant bearish trend line formed with resistance at $137.00. Therefore, if the price corrects higher towards the $136.00 and $137.00 levels, it is likely to face a strong selling interest. Only a successful hourly close above the $137.00 level may decrease selling pressure in the coming sessions.

On the downside, an initial support is near the $131.00 level. It seems like there are partial chances of a double bottom pattern near the $131.00 level. Having said that, the price still needs to clear the $136.00 and $137.00 resistance levels to start a decent upward move.

In the short term, there could be range moves in Ethereum price below the $136.00 resistance before ETH/USD either climbs above $137.00 or breaks the $131.00 support area.

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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