Ethereum price failed to climb above the $142.00 resistance and declined below $134.00. ETH/USD is currently trading below $130.00 and it could continue to slide in the near term.

  • Ethereum price topped near the $138.00 level recently and declined below $134.00.
  • ETH/USD is trading below a crucial resistance at $134.00 and a bearish trend line on the 30-minute chart.
  • The price could correct higher, but it is likely to face sellers near $133.65 and $134.00.

Ethereum Price

Ethereum Price Analysis

After continuous failure near the $142.00 resistance, Ethereum price started a solid downward move below the $137.80 support level. ETH/USD declined steadily and broke the key $135.80 and $133.65 support levels to enter a bearish zone.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair topped at $137.99 and started a steady drop. During the slide, the pair broke an important support near the $133.65 level and the 25 simple moving average (30-min).

Sellers gained pace and the price broke the $130.00 support level. A new intraday low was formed at $128.95 and the price is currently trading with a strong bearish bias. An initial resistance on the upside is near the $131.00 level and the 23.6% Fib retracement level of the recent drop from the $137.99 high to $128.95 low.

The main resistance is near the $133.65 level (the previous support). It now coincides with the 50% Fib retracement level of the recent drop from the $137.99 high to $128.95 low.

Besides, there is a crucial bearish trend line in place with resistance at $134.40 on the same chart. Therefore, if the price corrects higher, it could face many hurdles on the upside near the $133.65, $134.00, $134.40, and $135.00 resistance levels.

The current price action is clearly bearish, suggesting more losses in Ethereum price below the $128.95 low. Having said that, ETH is now approaching a couple of important support levels near $125.00 and $124.00, where buyers are likely to take a stand. On the upside, a proper close above $134.40 and $135.00 will most likely open the doors for a decent rebound in the coming sessions.

The market data is provided by TradingView, Bitfinex.

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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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